The American superyacht market is currently navigating a landscape of uncertainty, particularly with the upcoming presidential election looming. As of 2023, the ultra-high-net-worth (UHNW) population in North America has grown by 11.9%, reaching 161,280 individuals, which constitutes 38% of the global ultra-wealthy demographic. This growth is significant, especially as Miami emerges as a financial hub, now ranking 24th on the Global Financial Centres Index. Notably, 23.6% of the world's superyacht owners reside in the United States, underscoring the country's prominence in the luxury boating sector. [6063a9df]
However, the U.S. new-build sector has seen a dramatic decline since 2008, with only two superyachts delivered in 2023. This downturn is compounded by the geopolitical shifts following the Russian invasion of Ukraine, which have favored the U.S. market as Russian oligarchs have largely exited the superyacht scene due to sanctions. Industry experts express mixed feelings about how the upcoming election could further impact market dynamics, particularly with potential tax reforms under a Harris administration raising concerns among affluent buyers. [6063a9df]
In light of these changes, collaboration and a nuanced understanding of market trends will be essential for future growth in the superyacht sector. As the market adapts to these evolving dynamics, the interplay between political developments and economic factors will play a crucial role in shaping the industry's trajectory. [6063a9df]