Bezos buys an insanely expensive mega-yacht; Signals a thriving luxury industry

By Sayujya S, Desk Reporter
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Founder of American eCommerce giant Amazon, Jeff Bezos, will reportedly soon take delivery of a mega-yacht proving that the niche industry for billionaires is enjoying high demand.

The world’s richest man, currently worth $191 billion, is expected to soon get his project Y721 yacht, which is due to be finished next month, years after he ordered it. The luxury yacht’s Dutch manufacturer, Oceanco, hasn’t released many details about the superyacht but it is expected to be 417-foot making it so massive it has its own “support yacht” with a helipad. The estimated cost, not including the boat’s support boat, is $500 million.

Half a billion dollars is an unimaginable amount of money for most people, but it’s a small fraction of the $75 billion that Mr. Bezos gained in 2020 alone. His total net worth stands just shy of $200 billion, according to data. Amazon stock, the primary source of Mr. Bezos’ fortune, rose a staggering 75 percent last year as the pandemic upended consumer behavior in the company’s favor and more investors piled into tech stocks.

Booming demand

The insanely expensive purchase is a symbol of the secretive boat-building industry that is thriving like never before, thanks largely to the COVID-19 pandemic making many of the world’s wealthiest even richer, analysis showed.

“The market’s been roaring,” said experts. Recent transactions have been “record-breaking” and “the second-hand market is absolutely red hot.” Yacht builders initially feared a slowdown when the pandemic started but were instead overwhelmed by orders as the world’s richest people added $1.8 trillion to their collective fortune, according to reports.

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