"Russian Oligarchs Exit Superyacht Market Amid Rising Wait Times and Plummeting Sales"
Sales of new superyachts over 100 feet long dropped 17% in 2023, with wait times for orders over 200 feet now at three to four years due to pandemic backlogs and soaring costs. The largest superyachts saw a 40% decline, attributed in part to Russian oligarchs dropping out of the market following the Ukraine invasion. Americans are accounting for nearly a quarter of all superyacht sales, with the average length of American-owned superyachts increasing. Despite declining new sales, the number of completions surged 31% in 2023, leading to a growing demand for the entire yacht economy.
