Oligarchs and millionaires: The business of luxury yachts
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DW for Wednesday February 8, 2023
Since the all-out invasion of Ukraine, many super yachts linked to Russian oligarchs have been seized. But others have simply moved their floating palaces to Turkey to evade the sanctions, or ‘gone dark,’ disappearing from global tracking maps.
Meanwhile, the luxury yacht business continues to boom. Yachts – with a value of up to 600 million Euros – have always been the ultimate status symbol, coveted and despised in equal measure. At the annual Monaco super yacht exhibition, interior designer Sabrina Monteeone-Oeino takes us on a tour of her latest creation. But in a world threatened by global warming, superyachts consume nearly 500 liters of diesel per hour.
However, through new technology and new uses, the yachting world is trying to redeem its bad reputation. Francis Lapp has invented a solar-powered yacht. Other manufacturers are working on hydrogen-powered engines. The film investigates the changing world of luxury yachting.
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