A greener shade of blue. Why the new breed of tech billionaire could be the driving force in yachting’s increasingly eco-conscious future.
What does the archetypal modern billionaire look like? One thing is for sure, it is a question much harder to answer than it was ten years ago.
The planet’s wealthiest percentile is getting younger. Accruing wealth through technological innovation, they have created entirely new industries from scratch, rapidly scaling their offering to the point of near universal adoption. Products and services used by millions. Facebook, Twitter and Dropbox were not traditional enterprises, but the dorm room conceived love-children of students. At the helm of each, a raw innovator; all embodying the idea of ‘being the change’ they want in the world- creating what they feel is missing, from scratch. The byproduct? A staggering level of personal wealth on a par with the most heavyweight oligarch.
The character of this dressed down extreme wealth is fundamentally different. Having never competed in a traditional market, or needed to prove their worth relative to competition, their world view is unencumbered and their vision gin clear. They are characterised by bringing big dreams to fruition without compromise.
Like an aircraft carrier’s ability to project power internationally, superyachts are stereotypically seen as a status symbol, a means of projecting the net worth of the owner in waterline length. For this new breed, bypassing to billionaire status in a bounce between their mid-twenties and thirties, there’s no particular need to prove anything to anyone. Their achievements are unspoken, unparalleled and self-assured.
So, considering they certainly have the means, will these people buy into yachting? Well, like the rest of their age group, they value experiences over physical property. The superyacht is increasingly used as a way to access and experience the extraordinary- something they certainly buy into. Diving to the wreck of the Titanic in a miniature submarine, rounding Cape Horn or yacht based heli-skiing in Svalbard are the visceral experiences sought by adventurous young minds. A yacht could be the mechanism to realise many of them. Innovation is at the crux of their success and will manifest in the custom yacht projects they commission. Acutely aware of the planet’s most fundamental sustainability challenges, with many in actively involved and invested in plans to reverse climate change; any venture into yachting will be eco-friendlier than we have seen before. Expect groundbreaking efficiency.
The impact on the direction of the industry as a whole shouldn’t be underestimated. Like the role of Formula 1 racing car design in mainstream car development, the trickle down affect from groundbreaking superyacht projects has a track record of changing the status quo for good. Already first time yacht owners in the young millionaire bracket are demanding electric and hybrid drive systems that are testing what is possible to the limit. Solar energy and more environmentally friendly build methods are regular demands placed on boatyards. Furthermore, they are buying into the yachting dream younger as well; an increasing number sailing away for a sabbatical to take a break from serial entrepreneurship. Rationalising on the reality of the time they have on earth to experience as much as possible.
We could soon be entering another golden age of yachting. One driven forward by groundbreaking projects that challenge the status quo of what’s possible and using yachts as they should be- as a means to experience the extraordinary. An exciting prospect for all involved.