We just don’t understand why anyone would settle for a superyacht when they could have a gigayacht. Oh, right…maybe because of the price of building, maintaining and docking it. But for the billionaire who has everything, sometimes a superyacht just isn’t enough — that’s why the world’s wealthiest are buying “gigayachts.”
These boats are the ultimate status symbol — a sign of eminence, power and a seemingly limitless supply of cash. And when it comes to showing off wealth and status it seems the rule is “the bigger the better.”
“There’s definitely a ‘mine is bigger than yours’ syndrome in this industry and there is a desire to have the best. That’s the great thing about these yachts,” said Jonathan Beckett, CEO of Burgess Yachts. “When you get up to ‘gigayacht’ status, it is all about the best and these people are used to having exceptional possessions around them all the time.”
Although the term “gigayacht” is not new, it is becomingly increasingly prevalent as owners seek bigger and better yachts.
“There is no standard definition of what a gigayacht is,” says Paul Ashton, editor of SuperYacht World. “A gigayacht I would say is anything that is over 220 feet (67 meters) where the majority of the yacht is customized and bespoke.”
Their owners are part of a small but illustrious set that includes Russian oligarchs, Saudi royalty and international business tycoons.
The yacht to beat is currently Roman Abramovich’s Eclipse. The largest private yacht in the world at 163 meters long, Eclipse is believed to feature around 24 guest cabins, two swimming pools and a mini-submarine, and was rumored to have cost between $540 million and $1.1 billion.
Although not all gigayachts come with that pricetag, Ashton says the standard measure is around $1.36 million per meter of length.
“That works to a certain extent, but you also have to take into consideration which yard it is made in and the bespoke details involved,” he said.
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