Seen as a status symbol for billionaires, yachts are often seen decked out in the finest things money can buy from luxury swimming pools to dazzling chandeliers and an army of staff to wait on your every need.
While the average passerby may not be able to differentiate one yacht from the next, there is a whole scale of differentiating which type of yacht you own behind the scenes – whether that be a superyacht, a mega yacht, or a gigantic gigayacht.
But what exactly is a superyacht? And how much does it cost to own one?
What is a superyacht?
While there is no set definition of a superyacht, it can be narrowed down to meet a few criteria.
Different terms are used by some boat builders and yacht brokers to classify these luxury vessels according to their length.
Yachting Pages defines a superyacht as a luxurious, professionally crewed motor or sailing yacht that has a loadline length of 79 feet and above.
The crew of a superyacht operates 24/7 and often lives in quarters on the boat, including a captain, chefs, interior staff, deck crew, and engineers to ensure the smooth running of the ship.
These luxury liners often come with large guest areas and bedrooms to entertain, as well as facilities such as swimming pools, bars, gyms, and more.
Superyachts may solely be used by their owners or could be chartered for others to travel and enjoy the luxuries it has to offer.
How much do they cost?
The average superyacht can cost anything between tens to hundreds of millions of pounds.
According to a report by Towergate Insurance, a 100-metre superyacht with a top speed of 25 knots and 50 crew members should cost around $275 million (£218 million).
This does not include additional costs such as docking fees, staff wages, insurance, and maintenance and repairs.
Flying Fish Online estimates the cost to build a luxury yacht is £1 million per metre.
What other types of yachts are there?
As well as superyachts, you can find megayachts and even gigayachts.
A megayacht is typically a vessel over 200 feet in length, while the fairly new term gigayacht describes yachts more than 300 feet in length.
Gigayachts are some of the largest and most expensive yachts in the world, with the AZZAM gigayacht coming in at a whopping 590 feet long.
If you own a luxury craft less than 39 feet long it’s usually called a cabin cruiser, or just a cruiser.
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