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Study: why the ultra-rich buy megayachts

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The world's richest people spend about $22 billion each year on megayachts, according to a report by UBS and Wealth X.

According to statistics published on the Web, spending on large ships accounts for 88% of all other spending tycoons (within the overall luxury market). Only aircrafts can compete with floating treasures.

«For the ultra-rich, many luxury items are necessary lifestyle attributes rather than what they call "excess." For example, millionaires use private jets not only for leisure, but also for business. Yachts and especially megayachts, on the other hand, are not necessities for work, but they do allow people who lead public lives to retreat», analysts said, noting that the popularity of yachts shows how much privacy means.

By «ultra-rich» people experts mean those whose net worth is more than $30 million. There are 211,275 such people in the world. Each of them spends about $1.1 million a year on luxury goods, and together they bring the market luxury goods 19% of the profits (the rest is due to less rich people).

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