Nearly half of ultra high net worth individuals in the Middle East are likely to own a superyacht, as a report reveals that 48 per cent have ‘propensity to buy’ a superyacht.

Nearly half of ultra high net worth individuals in the Middle East are likely to own a superyacht, said the Superyacht Builders Association, after an internal report conducted by the Boston Consulting Group revealed that 48 per cent had ‘propensity to buy’ a superyacht.

The report surveyed UHNWIs and households with ‘assets under management’ of 250 million dollars or more.

“The 2013 SYBAss Economic Report, developed in cooperation with Boston Consulting Group, reveals that the Middle East has the highest ‘propensity to buy’ a superyacht, at 48 per cent. This means that nearly half of the UHNWIs in the Middle East are likely to own or buy a superyacht - higher than anywhere else in the world,” said operational director Robert van Tol.

The association explained that the propensity to buy is based on historic demand for superyachts compared to wealth levels in the region and is particularly determined by the cultural attraction to water and yachting. As all these factors are present in the Middle East, the region is an important market for the superyacht industry, said SYBAss, which recently displayed at the Dubai International Boat Show 2014.

“While traditionally, Western Europe and North America are the major markets for superyachts of 40 metres and above in numbers, due to the many ultra-high net worth individuals in these regions, the penetration percentage of each area - the number of UHNWIs versus number of superyacht owners - provides a much more interesting insight into the markets,” added van Tol.

The report also revealed that global wealth is higher than ever before, while having become more divided geographically, and as such, there is potential for superyachts to become an increasingly popular asset for the wealthy in other, non-traditional markets as well.

“Engaging in the superyacht lifestyle means choosing the most extraordinary, personalised, private and mobile luxury experience in the world. The question is what the ‘propensity to buy’ will be in the emerging markets,” said van Tol when looking ahead.

However, for the meantime the Middle Eastern yacht market seems to have solid wind in its sails. According to a market analysis by Boat International, the largest yacht in the world, the so-called Azzam, and around a third of the world’s 200 largest yachts are owned by UAE residents and nationals.