The Average Net Worth Of People Who Own A Private Yacht

If you reach a wealth threshold that officially places you in the top 1%, it's safe to say that your life is fundamentally different than most people. After all, having an abundance of money can allow you access to a multitude of luxury items and experiences that the average person may never come across — from luxury clothing brands to expensive cars, mansions, and even jewelry. However, one purchase in particular tends to be more common among the ultra rich: private luxury yachts.

That said, it's obvious that a private yacht is far from cheap, both to initially purchase and to maintain — not to mention staff with a crew. This might leave you wondering exactly how much someone has to be worth in order to afford such an ongoing expense. If you thought the average net worth of people who own a private jet was outrageous, you could be surprised to learn that it pales in comparison to the average net worth of luxury yacht owners. According to research by the Institute for Policy Studies, the median net worth of private jet owners was between $140 million and $190 million in 2023. However, according to Barron's, the average net worth of those that owned a private luxury yacht in 2020 was around $510 million.

A general rule of thumb for yacht costs is that the annual maintenance expenses are around 10% of the price you initially purchased it for. Now according to Galati Yacht Sales, the average price of a yacht sold in 2023 was around $1.5 million dollars for those between 56 and 79 feet. However, with so many different shapes and sizes, the actual price of a yacht can vary considerably depending on what you're looking for.

For example, a small yacht, which on average is under 40 feet in length, can start at $350,000 and go up to as much as $2.5 million dollars. The next step up would be a mid-sized yacht, which are between 40 and 70 feet. These typically cost between $2 million and $6 million. Now, for those trying to cruise the ocean in ultimate luxury, large yachts are typically between 70 and 90 feet in length, and generally priced between $6 and $15 million — but can even be more expensive with added features. A super yacht, which is larger than 90 feet, starts at a minimum of $10 million but can exceed $100 million for bigger, more luxurious models with high-end amenities. Last but not least, mega yachts, which exceed 165 feet in length, cost around $600 million dollars.

The first step in the process of buying a yacht is finding a reliable broker, and then selecting the type of yacht that appeals to you. There is a large variety of different sizes of yachts available across various price ranges. While you can choose to buy one either new or used, selecting one that is right for you will largely depend on how much money you have to spend, as well as your personal preferences when it comes to customization. For example, if you want your yacht to have amenities like a pool or additional sleeping quarters, these will cost extra. However, it's important to consider these options before purchasing.

Now unless you have enough liquid cash, you're likely going to have to take out a loan in order to begin the process of actually purchasing your luxury yacht. If you have a debt-to-income ratio of below 40%, it will be no problem qualifying for this. Beyond the loan itself, you will also need enough liquid cash for a 10% down payment, and have enough money to be able to securely pay an additional 5% APR on your yacht for the next decade — or until the loan is entirely paid off.