Are the super-rich feeling the pain of the recent US economic upheaval? Several key indicators – yachts, private jets and watches – don’t look good.
In keeping with organizers, the Bucket Regatta, a four-day boat race held annually in March in St. Barth’s, had the fewest attendees in years, with just 24 in comparison with 30 in 2022.
Participating in the race – film producer Brian Grazer participated last yr posted Instagram his and Disney CEO Bob Iger’s steering the winning boat whilst former Disney CEO Bob Chapek wrestled with Florida’s “Don’t Tell Gay” law – it isn’t low cost.
To compete, boats have to be a minimum of 100 feet long, and the cost of putting a dozen crew members on each boat on the island costs north of $1,000 an evening per person, in line with a source.
“It appears to be quieter this yr,” the island’s hotel manager told On The Money. “There’s hype, but people aren’t spending as much money as they’ve in previous years.”
Similarly, demand for personal jet charters fell greater than 16% year-on-year, in line with Tuvoli figures. Not only are people flying less now than they were during the COVID peak, they’re flying less than they were before the pandemic – down greater than 3% this yr in comparison with the same period in 2019.
“The truth is volume is trending down… We see it in the numbers here and hear it repeated by people I talk over with across the industry,” Tuvoli CEO Greg Johnson wrote in a memo to customers through the Post. “Aviation activity is waning to the point where charter rates are beginning to fall.”
Johnson stressed that “leisure destinations are seeing the biggest declines” with the ultra-rich either taking fewer vacations or taking business flights.
Elsewhere, Watchcharts, which measures the value of 60 watches made by 10 of the world’s most exclusive watchmakers, has seen a 24% drop in the past 12 months.