super yachts help economy recover

Super Yachts Helping the Economy?

Super Yachts and the Economy

Are Super Yachts Bad?

I was at a social event recently when the conversation came around to my work in the super yacht world. Much to my surprise I was abruptly given the person’s view on these yachts and dutifully told how obscene was the waste of money and how wrong it was that these yachts were allowed to exist.

To be honest this was a view I shared when I started work, but I began to see the other side on experiencing this life and meeting people in the industry. 

Yes, the wealth needed to run a super yacht is hard to comprehend and of course there are so many worthy causes that could be helped from what it costs to keep one running. However they provide work to so many. 

These yachts have saved many ship yards from bankruptcy as commercial work dried up, with many facing certain closure. The industry has provided new seeds of hope and as it has grown has created a booming industry for ship yards and skilled labour alike. 

It has allowed small businesses to grow and support massive networks of people and families, giving people the chance to create a business from scratch and build it into something the owner can be proud of. I met many people who had developed a small family business to cater for the large super yacht industry, with a growing number of employees. 

These yachts provide generous incomes for the crew which can provide, even the most junior crew, with the opportunity to save for a more financially secure future. I managed to save enough money to secure a sizable deposit for a house, helping me achieve a foot on the property ladder, which before my time away was proving too difficult. 

Also the yachts run numerous charity events. There would often be donations at the end of yacht shows, where crews and yachts would give generous donations to excellent local causes. Often crews would set up challenges on-board such as using a rowing machine for the entire duration of an Atlantic crossing, “rowing the Atlantic”, raising lots for charity. On top of this charity work is the incredible charity project that some of the super wealthy run, a well know one being the Bill and Melinda Gates Foundation and The Giving Pledge 

Many yachts are now working to offset some of their carbon footprint by providing generous donations to support green projects to help counter CO2 level rises and renewable energy sources around the world.

The number of lives that these yachts have changed in a positive way is vast and this list is by no means exhaustive, but I hope from looking at the other side you can appreciate the immensely positive aspect to these yachts and the benefits they can have on many peoples lives all around the world. It has been reported that up to $250,000 can be injected into the local economy by guests and crew on a single visit from a super yacht…and that has surely got to be a good thing.

Next Blog: The difference between and Millionaire and a Billionaire.

Written by Ben Proctor
For more information read Work on a Super Yacht: The Beginners Guide by Ben Proctor