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Superyacht Makers At Monaco Yacht Show Buoyant As Demand Grows

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http://www.theguardian.com/business/2013/sep/25/superyacht-monaco-show-yacht-demand

Rich put recession far behind them as UK manufacturers of luxury yachts report record revenues of £460m

Ed Miliband's assertion that the rising tide of economic fortune used to lift all boats, but now only seems to lift yachts, would certainly seem to be borne out by the Monaco Yacht Show. The show, which has just begun, boasts Europe's largest collection of superyachts. At the show the Labour leader would find that demand is once again surging for the ultimate billionaire's plaything, ranging from an entry-level 30 metre-long boat costing around £10m, to gigantic vessels with 90-strong crews that are effectively private cruise liners.

The UK superyacht industry – a superyacht is more than 24 metres long – has reported record revenues of £460m, up 4% on last year, as more of their traditional customers in the US, Russia and the Middle East place orders for these custom-built, floating palaces.

HPC does get negative sometimes so this is clearly good news and the money is slowly trickling down.

wealth-trickle-down.jpg

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I was in Paxos this year and saw quite a few of these beasts.

In theory, I don't give a damn about super yachts - they're a rich man's toy and probably do result in a little trickle-down, both in building them and for the ports supplying them (often quite small ports).

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I was in Paxos this year and saw quite a few of these beasts.

In theory, I don't give a damn about super yachts - they're a rich man's toy and probably do result in a little trickle-down, both in building them and for the ports supplying them (often quite small ports).

trickle down....is that what happens when you sleep under a urinal in a public bog...sounds about right.

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revenue is money received normally.

record revenues in this industry could well be last years orders, or even orders from some years ago, now being completed.

The show just opened...I guess the super rich queued up for 5 days to buy the iyachts and get in first....NOT!

Edited by Bloo Loo

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Mind you, I have a friend who is a chef on a private yacht who has been having a wonderful time, I can't begrudge that :)

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I was in Paxos this year and saw quite a few of these beasts.

In theory, I don't give a damn about super yachts - they're a rich man's toy and probably do result in a little trickle-down, both in building them and for the ports supplying them (often quite small ports).

Wake up.

The materials and labour that are used to build, staff and supply superyachts* are materials and labour that ordinary people like you and I will never see the benefit of. The resources consumed to keep just one member of the super-rich in a lifestyle far beyond the court at Versailles could be providing thousands or tens of thousands of ordinary people with a better standard of living. And not only could but also should, because those very same resources are not being magicked out of nowhere, they are being taken from those ordinary people via taxes and rents.

*and country mansions, and Chelsea townhouses, and private aircraft, and handmade sports cars, and racehorses etc etc etc

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Wake up.

The materials and labour that are used to build, staff and supply superyachts* are materials and labour that ordinary people like you and I will never see the benefit of. The resources consumed to keep just one member of the super-rich in a lifestyle far beyond the court at Versailles could be providing thousands or tens of thousands of ordinary people with a better standard of living. And not only could but also should, because those very same resources are not being magicked out of nowhere, they are being taken from those ordinary people via taxes and rents.

*and country mansions, and Chelsea townhouses, and private aircraft, and handmade sports cars, and racehorses etc etc etc

trickle down...also known as velocity of money....better if the rich spent more of it on stuff they dont need...

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A rich man owns a mansion and a farm. You and your wife rent a house on the rich man's land. To pay your rent you work on the rich man's farm. He pays you wages, you pay him rent.

Now he doubles your rent. To earn the money to pay the increased rent your wife gets a job as a cleaner in the rich man's mansion.

The rich man now has his food grown for him and somebody to clean his house. You still live in the same house but your family works twice as many hours.

Welcome to trickle down economics.

P.S. Your local MP is delighted to inform you that GDP and employment rates are both up in your local area thanks to your wife's new job. You should definitely re-elect him.

Edited by Dorkins

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Mind you, I have a friend who is a chef on a private yacht who has been having a wonderful time, I can't begrudge that :)

I never begrudge the rich their toys, life's too short. It's what they are doing to acquire the wealth in the first place that concerns me.

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A rich man owns a mansion and a farm. You and your wife rent a house on the rich man's land. To pay your rent you work on the rich man's farm. He pays you wages, you pay him rent.

<snip>

Alternatively, a rich man uses some of his capital to start up a new business, employing many. He does not rent out houses, just employs people. He buys a yacht with his profits.

All I'm saying is that the yacht is irrelevant - it's the source of the money that bought the yacht that matters.

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Wake up.

The materials and labour that are used to build, staff and supply superyachts* are materials and labour that ordinary people like you and I will never see the benefit of. The resources consumed to keep just one member of the super-rich in a lifestyle far beyond the court at Versailles could be providing thousands or tens of thousands of ordinary people with a better standard of living. And not only could but also should, because those very same resources are not being magicked out of nowhere, they are being taken from those ordinary people via taxes and rents.

*and country mansions, and Chelsea townhouses, and private aircraft, and handmade sports cars, and racehorses etc etc etc

See above. In the great scheme of things, the resources consumed by a super yacht are pretty insignificant, and the building, servicing and supplying do allow the sort of economic velocity we should welcome.

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Alternatively, a rich man uses some of his capital to start up a new business, employing many. He does not rent out houses, just employs people. He buys a yacht with his profits.

All I'm saying is that the yacht is irrelevant - it's the source of the money that bought the yacht that matters.

I like your model of capitalist wealth creation, the only slight flaw is that it doesn't actually resemble the UK economy. The vast majority of the elite have been getting fat on rising housing costs and taxes, not starting new businesses to make widgets.

Of course the yacht is relevant. Money is just a means to an end. My quality of life doesn't improve when I can rub £20 notes all over my body, it improves when I get more access to real resources like food or a house or free time (or a yacht).

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Even if you count the jobs involved in constructing yachts as a Good Thing, I don't know how much this is helping the UK.

Last five years - Fairline, Oundle & Corby - 200 jobs lost

April 2013 - Sealine, Kidderminster closes - 243 redundancies

August 2013 - Dalian Wanda Group of China buys Sealine, Poole - still, I'm sure they'll keep all the 2,500 jobs in Dorset.

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the resources consumed by a super yacht are pretty insignificant, and the building, servicing and supplying do allow the sort of economic velocity we should welcome.

Jeez, you really have been captured. There are finite real resources in the world. The super-rich are consuming more and more of them. That means less for you. I understand that we can get more use-value out of finite resources by investing in productive capital, but this is not happening. They are just upping the taxes and rents and making ordinary people work harder for less.

Edit: This is even happening to you right now! Didn't you say yesterday that you're paying £17,500 a year to rent a house in London? Do you think your landlord is some amazing wealth creator? Of course not, he's just taking his resources from you via rent!

Edited by Dorkins

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Alternatively, a rich man uses some of his capital to start up a new business, employing many. He does not rent out houses, just employs people. He buys a yacht with his profits.

All I'm saying is that the yacht is irrelevant - it's the source of the money that bought the yacht that matters.

I agree with your concern...a rich man buys himself a place in some elite heirachy, like Russian Oil, has his competitors "removed", seeks office, rules with iron fist and takes the rewards, whilst blaming everyone else and lazy workers for the state of his economy.

found dead on his yacht. ( sorry, this bit is wishful thinking).

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I like your model of capitalist wealth creation, the only slight flaw is that it doesn't actually resemble the UK economy.

I make no apologies for the current system (or the current winners), and I have no doubt that the majority of SY owners ought to be in prison. All I'm saying is that the yacht is irrelevant and a distraction.

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Wake up.

The materials and labour that are used to build, staff and supply superyachts* are materials and labour that ordinary people like you and I will never see the benefit of. The resources consumed to keep just one member of the super-rich in a lifestyle far beyond the court at Versailles could be providing thousands or tens of thousands of ordinary people with a better standard of living. And not only could but also should, because those very same resources are not being magicked out of nowhere, they are being taken from those ordinary people via taxes and rents.

*and country mansions, and Chelsea townhouses, and private aircraft, and handmade sports cars, and racehorses etc etc etc

+ about 5 billion

+ we want our so called 'democracy' back

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Alternatively, a rich man uses some of his capital to start up a new business, employing many. He does not rent out houses, just employs people. He buys a yacht with his profits.

All I'm saying is that the yacht is irrelevant - it's the source of the money that bought the yacht that matters.

Agreed that the yacht is irrelevant.. although I'd point out that the elite/aristocracy have traditionally been awful at starting productive enterprise..

After all, your average oligarch has no interest in risking money to make money, far more interest in arranging political matters to make sure that they keep what they have, or make guaranteed gains on anything they do invest in. The big leaps of innovation and wealth creation techniques have happened when either middling people have suddenly found themselves with space and money to innovate (industrial revolution, xerox parc), or war has meant that innovation has been required and funds suddenly available.. WWI and II, for instance.

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Agreed that the yacht is irrelevant.. although I'd point out that the elite/aristocracy have traditionally been awful at starting productive enterprise..

Agree 100% - I just get annoyed when everyone moans about a boat. The boat is a cheap distraction, a signifier, and blunts critical thinking about what the actual problems are with the current set-up.

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Even if you count the jobs involved in constructing yachts as a Good Thing, I don't know how much this is helping the UK.

Last five years - Fairline, Oundle & Corby - 200 jobs lost

April 2013 - Sealine, Kidderminster closes - 243 redundancies

August 2013 - Dalian Wanda Group of China buys Sealine, Poole - still, I'm sure they'll keep all the 2,500 jobs in Dorset.

Dalian wanda group have bought sunseeker. plans are to keep jobs here, sunseekers are the largest of the uks luxury motor yacht/super yacht builders. The wealthy chinese are all about status, buy the inevitable entry level chinese sunseeker and the super yacht from the uk.

But in the long term who knows?

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Dalian wanda group have bought sunseeker. plans are to keep jobs here, sunseekers are the largest of the uks luxury motor yacht/super yacht builders. The wealthy chinese are all about status, buy the inevitable entry level chinese sunseeker and the super yacht from the uk.

But in the long term who knows?

Indeed, indeed...

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A rising tide that lifts all yachts :lol:

Trickle down did work to the degree that it legitimized the wealth grab by the 1% by presenting it as a philanthropic exercise in which the sheer excesses of the super rich could be reframed as a form of redistribution;

So to a hungry man we might present it thus 'The more food I consume the more of my sh*t there will be for you to clean up, allowing you to earn the crust that sustains your life.'

So the glutton can legitimately claim to have created more employment for the toilet cleaner- and who could disagree?

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