S-EA offers huge opportunities for yacht industry

A NEW study has painted South-east Asia as an uncharted market for the yachting industry, presenting both huge opportunities and complex challenges for companies seeking to grow their business.

The promise the industry holds comes from a growing interest in yachts among the region's 4,690 ultra-wealthy individuals, who have a combined net worth of US$625 billion, says the Wealth-X and UBS World Ultra Wealth Report 2013.

The addressable market, on the other hand, is 20,000 strong when these individuals' spouses and children are factored in - a figure that will put a gleam in the eye of the luxury sector as a whole.