Spontaneously Rich Brazilians Spontaneously Buy Yachts
5:49 pm, August 30th | by Hillary Reinsberg
While the luxury yacht market in the United States and Europe suffers, big boating is alive and well in Brazil. Like, really alive and well. The AP spent some time with a Brazilian yacht salesman, taking a cold hard look at some of the folks buying big boats down there.
The highlight of the story is undoubtedly the tale one Brazilian man who shelled out $2 million on a yacht within 30 minutes, mostly because his kids begged, ”Buy it, daddy, buy it!”
So, why the sudden growth in boat-buying? Blame a massively growing wealthy class in Brazil, whose newfound wealth is due in part to skyrocketing commodity prices caused by Chinese demand, plus tons of huge offshore oil discoveries. Some stats to back this up:
-The number of millionaire households in Brazil is expected to more than triple by 2020.
-Execs in Sao Paulo, Brazil’s business capital, currently earn more than their peers in New York, London, Hong Kong and Singapore. Wow!
-Luxury goods sales increased 28 percent last year.