Luxury Yacht Market To Exceed 12.8 Billion By 2031

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According to a new report, the luxury yacht market is expected to to reach $12.8 billion by 2031. The luxury yacht market size was valued at $5.8 billion in 2020.

German Liubitch, Founder and Sales Director at says,

“The popularity of luxury charter vacations for Hollywood celebs is growing, and some of Hollywood’s biggest names have spent billions on their extravagant vessel.  

“Many celebrities are spotted taking a luxury vacation whenever they have spare time. 

“David Geffen is a billionaire known for his love of yachts. Founder of Geffen Records and co-founder of DreamWorks Pictures, he owns The Rising Sun, and uses it to host his galaxy of friends from Oprah Winfrey, Katy Perry, Orlando Bloom and Chris Rock. 

“In fact, Leonardo DiCaprio who was recently spotted on ‘The Rising Sun’, on Memorial Day weekend. Jeff Bezos was seen holidaying on it with his girlfriend Lauren Sánchez in 2019.”

Luxury travel is also booming as popularity across the US soars online- with Google searches surging by 669% over the past week.

As Americans continue to show interest in a luxury getaway, the Yacht Charter Experts at Ritzy Charters have just the answer.

The hashtag “yachtvacation” has 12.4 million views on TikTok and counting, as sailing the world is becoming a more popular choice for families, friends and couples.

Whilst there are hundreds of luxury yacht charters available to hire, choosing the right one for your needs can be difficult.

No matter whether you are a chartering professional, or new to the yachting world, certain factors need to be taken into consideration before setting sail.

Therefore, the Yacht Charter Experts at have shared their six step-by-step guide on everything you need to think about before deciding how you will sail in style.

1. Set Your Budget

Your budget is one of the key factors to consider, guiding you in the right direction.

It is important to remember that your budget covers the actual hire of the yacht, fuel costs, docking fees for any places you want to stop at and of course, food, drink and any other added extras included to make your trip unforgettable!

Of course, the bigger your budget, the wider choice you have for luxury sailing and motor yachts experiences available.

2. Choose Your Destinations

Whilst the world is your oyster with super yachting, specific destinations may have better availability of particular yacht types.

Some of the most popular yachting destinations include the Greek Islands, with the Cyclades, Ionian, and Saronic Island groups always drawing charter guests to return for new experiences.

Below, the experts have highlighted some popular itineraries and their recommended yacht types.

Luxury Yacht


3. Understanding Yacht Types

Whilst we don’t expect you to be an expert in yachting, it is still good to have a brief understanding of the different types of yachts you can board. 

Motor Yachts

If you want to travel fast and cover long distances quickly, a motor yacht is the way to go. Motor yachts have multiple decks which means more spacious accommodations, as well as room for larger water toys, including jet skis.

Motor yachts are also equipped with stabilizers to ensure a smooth ride underway and minimize motion at anchor.

There are two main styles of motor yachts which tie in with the speed:

Displacement yachts – heavier with rounded hulls which ride lower and displace more water for a stable but slower ride.

Cruising speed: 10-14 knots (12-16 miles per hour, 19-26 kilometers per hour).

Planning yachts – designed with a v-shaped hull (a portion of the yacht that rides both in and on top of the water) which creates lift to ride over the water with less drag, allowing for greater speed.

Cruising speed: over 20 knots (23 miles per hour, 37 kilometers per hour).

Expert tip: Motor yachts can burn a considerable amount of fuel, so be sure to factor in fuel costs in your charter budget. A displacement yacht typically consumes around 200 liters (52.8 gallons) per hour whereas a planning yacht burns about 700 liters (185 gallons) per hour.  


Over the last 20 years, catamarans have become extremely popular for yacht charters for several reasons. 

Stability: Under sail, two hulls keep the yacht relatively flat in the water rather than heeling over to one side like a traditional sailboat with one hull. For anyone with tendencies towards motion sickness, this is a huge advantage.

Space: A catamaran has multiple spacious areas for lounging, including the main salon, aft deck, huge foredeck, and flybridge. This is because of the beam (width) of the yacht, which nearly doubles with two hulls.

Privacy: On a catamaran, guest ensuite cabins are typically located at each end of the hull as well as midship on larger cats. With this much separation, there is an increased sense of privacy.

Shallow draft: The draft of a catamaran, the distance between the waterline and the deepest point of the boat, is much shallower than a typical monohull, allowing safer anchoring closer to shore. This can be a big benefit in areas with shallow waters, such as the Bahamas.

Easy access to water: A catamaran has wide steps at the end of each hull, from which it is very easy to slip in and out of the water.

There are two types of Catamarans:  

Sailing cats – the majority of Catamaran’s are Sailing cats. They have engines but are powered by the wind as much as possible, averaging 7-10 knots under sail, clearly the most eco-friendly option. There’s also the element of sport, adjusting sails for maximum performance.

Power cats – typically have more powerful engines and can achieve speeds of 15-20 knots. The power cat is generally more fuel efficient than a motor yacht, however, availability is more limited.

Sailing Yachts

Sailing monohulls are a popular choice for those who want to experience the thrill of sailing. Also, they are generally less expensive to charter than a catamaran.

All interior living areas are below the waterline, configured in the single hull. In contrast to a catamaran which typically has 4 queen-size cabins, a monohull is more likely to have a mix of full and twin-berth cabins, some with a shared wall.

Expert tip: Gulets are a popular choice for yacht charters in the eastern Mediterranean, especially in Turkey, where they originated. They are traditionally built wooden yachts that offer a comfortable and spacious interior, with powerful engines making them a great choice for sailing and motoring.

4. Number of guests

The number of guests you choose to bring on board will impact the type of charter you choose.

If you have couples or large families, you will most likely need larger rooms, with doubles and singles.

Catamarans and motor yachts are an ideal choice to meet the specific needs of a family, being both spacious and allowing more options for water toys and enhanced safety.

Sailing yachts can be more catered to adventurous couples or friends who want a thrilling yachting experience.

Expert tip: the number of guests on board will affect the number of supplies you need, and it is always best to be overprepared rather than underprepared.  

5. Optimizing Your Cuisine

A private yacht charter vacation is an experience of luxury, customized exclusively to the preferences of guests aboard, and food is always one of the week’s highlights.  

Whether the charter is aboard a 50 ft sailing catamaran or a 100 ft motor yacht, all charter chefs love to wow their guests with incredible food. It is their passion.

Therefore, filling in the Preference Sheet is extremely important, as it is your chef’s guide to creating an amazing menu plan for your charter, and you should fill it out with as much detail as possible.

Of obvious importance, be sure to include food allergies and dietary restrictions. Charter chefs have the culinary know-how to create a perfect menu for your entire group, even if one is keto, another vegan, and a third lactose-intolerant.

In addition, be sure to make note of any food you simply don’t like. If there are children in the group, their food preferences should also be noted.

When it comes to beverages, indicate your preferred brands and labels. The crew will always do their best to find exactly what you are looking for.

6. Having The Best Water Toys

Super yachting is all about experiencing the beautiful oceans the planet has to offer, and of course, opting for the best water toys will help make your vacation even more enjoyable. 

There are several to choose from, from inflatable loungers to paddleboards, water trampolines, e-foils, seabobs, jet skis and more. 

Inflatable Slides – available in all shapes and sizes, inflatable slides offer a unique and thrilling experience that is not available with other water toys.

Paddleboards – Stand-up paddleboarding (SUP) is a popular water activity that can be enjoyed by people of all ages and skill levels. Paddleboards come in a range of sizes and styles, from traditional hard boards to inflatable options that are easy to transport and store. 

Water Trampolines – these floating trampolines are perfect for jumping, diving, and even playing games like “king of the hill.”

Electric hydrofoils – or e-Foils, are the latest craze in water sports. These innovative boards use an electric motor and a hydrofoil to lift riders out of the water, allowing them to soar above the waves.

Seabobs – if you’re looking for an underwater adventure, seabobs are a must. These handheld electric scooters allow you to explore the ocean like a dolphin, diving up to 40 meters deep and reaching speeds of up to 20 km/h.

Jet Skis – a popular water toy for those who love speed and thrill. They are small, fast, and agile, allowing riders to zip across the water at high speeds and perform stunts and tricks.

Pool Noodles – If you’re looking for a simple water toy that can be enjoyed by kids and adults alike, pool noodles are a great choice. They can be used for floating, swimming, and even as part of water games like noodle tag.

Subwings – a new and exciting water toy that allows you to experience the sensation of flying underwater. The subwing consists of two wings that are connected to a rope, which is then pulled from a dinghy or a jet ski. As the boat moves, the wings and the rider glide and maneuver through the water, giving the sensation of flying underwater.

Kayaks – a classic water activity that has been enjoyed for centuries. They come in a variety of styles, including sit-on-top kayaks, traditional closed-cockpit kayaks, and inflatable kayaks. Plus, they are eco-friendly and don’t require any fuel or electricity, making them a great option for those who want to minimize their impact on the environment.