A rising wealth tide lifts all yachts
Source: CNBC ·
As the yachting world prepares for the Fort Lauderdale International Boat Show this week, executives are betting on wealthy Americans to power the industry.
From the source
A version of this article appeared in CNBC's Inside Wealth newsletter, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. As the yachting industry prepares for the Fort Lauderdale International Boat Show this week, executives are betting that the American wealth machine can continue to power the industry. Americans now account for about 40% of all global yacht sales, according to industry executives. At the higher end, with yachts over 250 feet, Americans are the majority of the market. Executives say that as demand from Europe and the Middle East has slowed, Americans are increasingly critical for growth. "Recently, it's the Americans that have increased their purchasing," said Kevin Merrigan, chairman of Northrop & Johnson, the yacht brokerage. "We've had several big closings heading into the end of the year. It's quite remarkable and it's American buyers." Overall, the yacht industry has slowed since the…
BestAIBroker analysis
- Finance-aware sentiment: slightly positive (+0.20 on a -1 to +1 scale).
- Event classification: OTHER.
- Market importance score: 34/100, weighting entity relevance, source credibility, multi-outlet coverage and recency.
- Symbols referenced: A.