billionaire yacht vs millionaire

Billionaires are getting ready for summer with wildly spectacular superyachts

• Superyachts, the most expensive asset  a billionaire can own, are pushing the boundaries of luxury.
• The boats, which cost eight or nine figures, are getting larger and include more features than ever.
• From massage rooms to basketball courts, here's what the world's richest want on board.

For many wealthy boat owners, a private spa is a must-have on board. A sauna is a nice touch. A Jet Ski or two makes days at sea way more fun. And if you don't have someone on board who can whip up a Michelin-star-worthy meal , you might as well stay on land.

In the world of massive yachts , there's no such thing as too much. After all, if someone spends eight or nine figures to design the vessel of their dreams — or at least $500,000 a week to charter one — more is more.

"Yachting. It's not rational; it's emotional," Ralph Dazert, the head of intelligence at SuperYacht Times, told Business Insider at the Palm Beach International Boat Show, where dozens of superyachts — often defined as vessels over 30 meters in length — were on display.

And while there are certain classic features, such as jacuzzis and bars, what superyacht owners want is evolving, insiders at the show said. That might mean more crew members, more space for helicopters, or more water toys, but might also include manicure salons and putting greens.

"The bar of what is the baseline expectation has increased exponentially just over the last four or five years," Anders Kurtén, the CEO of brokerage Fraser Yachts, said. Clients are "spending more time on the boat and really wanting to extend the lifestyle they lead on the shore."

A lot of this can be chalked up to the pandemic. Superyacht purchases and charters spiked as life and luxury travel on land screeched to a halt. While the market has moderated slightly, the number of superyachts on order — 1,166 as of September, according to Boat International's Global Order Book — is still above pre-pandemic norms.

"What the pandemic really showed is that the appetite for being out there at sea, sort of living the marine lifestyle, is still as valid as ever," Kurtén said.

That means there's a lot of money on the water. The total value of the 203 superyachts over 30 meters delivered last year was $6.4 billion, according to data from SuperYacht Times. New custom builds from the world's most prestigious shipyards — Lurssen, Feadship, Oceanco , Benetti — can run into the hundreds of millions. Even used superyachts at the Palm Beach show cost as much as $75 million.

And it's not just traditional buyers like retired wealthy couples looking for a place to relax or celebrities looking for a place to party away from the paparazzi. New clients are often younger and have families, so want areas to work and watch movies . They also want pricey water toys, access to fitness equipment, or even pizza ovens for picky eaters.

"This would've never happened in the nineties," said Giovanna Vitelli, the vice president of the Azimut Benetti Group, the world's biggest producer of superyachts. "You would go with your beautiful woman, Champagne — the idea of yachting was much more showing off with your jacuzzi and things like that."

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Pure opulence has made room for function..

When Benetti's Nabila set sail in 1980, its 50-person crew, gold-and-diamond-encrusted interiors, and lavish parties captured headlines and even inspired the Queen song "Kashoggi's Ship."(Seven years later, Donald Trump bought Nabila for $30 million , renaming her the Trump Princess.)

"Life on board was considered very formal — big formal dining rooms, boats were high on the water, you would be segregated from the rest of the world," Vitelli said, remembering another client who insisted on a replica of the Sistine Chapel above the dining table.

But the ostentatious, palatial-like interiors that used to be highlighted in yacht brochures have made way for lists of more functional features .

Rather than esoteric novelties like an extra-large safe for rifles that one builder had to construct per a Russian yacht owner's request , the superyachts on display at the Palm Beach show featured basketball courts, saunas, and ice baths.

Owners want elevators and luxury gyms. Pampering options, be it a massage room, manicure station, or a professional-grade facial machine, are a dime a dozen. Some bathrooms have fancy Toto toilets, which can cost around $20,000.

Sterns (that's the back of the boat) used to be built high to guard guests' privacy. Now, they're built as "beach clubs" — an open swim platform.

And what good is a massage room if no one on board can give one? Many superyachts can hold twice as many crew members as guests, if not more. One broker, representing a boat that didn't have a masseuse, said it could be quite a "tricky" issue because if a charter wants one, they have to find someone who can massage guests and "pull their weight with the crew."

"It's not uncommon to look for a deckhand who can also mix a martini, play an instrument, maybe entertain the guests with singing, and ideally even give a massage," Kurtén said.

Of course, a crew comes at a cost . Most are considered full-time employees, requiring salaries and benefits like health insurance. Captains, first mates, and chief engineers often make six figures a year. That's without tips; a charter guest will typically spend six figures on gratuities for the crew who worked during a weeklong vacation.

For the superrich, there must be room for toys.

It's not just the onboard amenities that count. What's known as "toys" in the industry — water slides, eFoils, Jet Skis, and underwater scuba diving jets — are popular, and costs range from merely hundreds of dollars (banana boats) to millions ( submersibles , which are still popular despite the recent tragedy).

" Tenders and toys, the sky seems to be the limit," Kurtén said. "More is more."

If you can't fit all those toys in the yacht's storage space, you can just use another boat. Jeff Bezos' support yacht is a superyacht in itself, measuring 75 meters and costing tens of millions of dollars. (His main yacht, Koru , cost a reported $500 million.)

Support yachts are also faster, meaning the crew can get to a destination first and set up the Jet Skis, seapools, and the like, Dazert said. "By the time the owner arrives on the main yacht, everything's set up, and he can go and have fun."

Even tenders, the smaller vessel that brings guests from the ship to the shore, are getting glow-ups. The Nero, a 90-meter beauty available to charter for about $500,000 a week and modeled after J.P. Morgan's 1930s ship, has custom-built tenders to match the design. The most expensive ones often cost seven figures. Nero has three.

"It used to be a tender was a tender," Jeffrey Beneville, who handles yacht insurance at NFP, told BI. "Now they're called limousine tenders. Think of an incredibly luxurious gondola that's got a hard top so nobody's hair gets mussed when they're being dropped off at the Monaco Yacht Club ."

One thing that clearly hasn't changed in superyachting: showing off. If the boat next door at the marina has an indoor-outdoor cinema, it's natural to want one too. Ditto a wine cellar or helipad.

"It's a bit of a celebration of your success in life, of wealth," Vitelli, whose company is behind the Lana yacht Bill Gates chartered for a birthday party three years ago, said. "You push it a little more."

And that's a boon for yacht makers and brokers catering to the superrich.

"Our job is to make clients' dreams come true," Kurtén said.

Watch: Inside the world's biggest cruise ship that just set sail

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Private planes, mansions and superyachts: What gives billionaires like Musk and Abramovich such a massive carbon footprint

Distinguished Professor and Provost's Professor of Anthropology; Director of the Open Anthropology Institute, Indiana University

Ph.D. Candidate in Anthropology, Indiana University

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Tesla’s Elon Musk and Amazon’s Jeff Bezos have been vying for the world’s richest person ranking all year after the former’s wealth soared a staggering US$160 billion in 2020, putting him briefly in the top spot .

Musk isn’t alone in seeing a significant increase in wealth during a year of pandemic, recession and death. Altogether, the world’s billionaires saw their wealth surge over $1.9 trillion in 2020, according to Forbes.

Those are astronomical numbers, and it’s hard to get one’s head around them without some context. As anthropologists who study energy and consumer culture, we wanted to examine how all that wealth translated into consumption and the resulting carbon footprint.

Walking in a billionaire’s shoes

We found that billionaires have carbon footprints that can be thousands of times higher than those of average Americans.

The wealthy own yachts, planes and multiple mansions, all of which contribute greenhouse gases to the atmosphere. For example, a superyacht with a permanent crew, helicopter pad, submarines and pools emits about 7,020 tons of CO2 a year, according to our calculations, making it by the far worst asset to own from an environmental standpoint. Transportation and real estate make up the lion’s share of most people’s carbon footprint, so we focused on calculating those categories for each billionaire.

To pick a sample of billionaires, we started with the 2020 Forbes List of 2,095 billionaires. A random or representatives sample of billionaire carbon footprints is impossible because most wealthy people shy away from publicity , so we had to focus on those whose consumption is public knowledge. This excluded most of the superrich in Asia and the Middle East .

We combed 82 databases of public records to document billionaires’ houses, vehicles, aircraft and yachts. After an exhaustive search, we started with 20 well-known billionaires whose possessions we were able to ascertain, while trying to include some diversity in gender and geography. We have submitted our paper for peer review but plan to continue adding to our list.

We then used a wide range of sources, such as the U.S. Energy Information Administration and Carbon Footprint , to estimate the annual CO2 emissions of each house, aircraft, vehicle and yacht. In some cases we had to estimate the size of houses from satellite images or photos and the use of private aircraft and yachts by searching the popular press and drawing on other studies . Our results are based on analyzing typical use of each asset given its size and everything else we could learn.

We did not try to calculate each asset’s “ embodied carbon ” emissions – that is, how much CO2 is burned throughout the supply chain in making the product – or the emissions produced by their family, household employees or entourage. We also didn’t include the emissions of companies of which they own part or all, because that would have added another significant degree of complexity. For example, we didn’t calculate the emissions of Tesla or Amazon when calculating Musk’s or Bezos’ footprints.

In other words, these are all likely conservative estimates of how much they emit.

Your carbon footprint

To get a sense of perspective, let’s start with the carbon footprint of the average person.

Residents of the U.S., including billionaires, emitted about 15 tons of CO2 per person in 2018. The global average footprint is smaller, at just about 5 tons per person.

In contrast, the 20 people in our sample contributed an average of about 8,190 tons of CO2 in 2018. But some produced far more greenhouse gases than others.

The jet-setting billionaire

Roman Abramovich, who made most of his $19 billion fortune trading oil and gas, was the biggest polluter on our list. Outside of Russia, he is probably best known as the headline-grabbing owner of London’s Chelsea Football Club.

Abramovich cruises the Mediterranean in his superyacht, named the Eclipse , which at 162.5 meters bow to stern is the second-biggest in the world, rivaling some cruise ships. And he hops the globe on a custom-designed Boeing 767 , which boasts a 30-seat dining room. He takes shorter trips in his Gulfstream G650 jet, one of his two helicopters or the submarine on his yacht.

He maintains homes in many countries, including a mansion in London’s Kensington Park Gardens, a chateau in Cap D’Antibes in France and a 28-hectare estate in St. Barts that once belonged to David Rockefeller . In 2018, he left the U.K. and settled in Israel , where he became a dual citizen and bought a home in 2020 for $64.5 million.

We estimate that he was responsible for at least 33,859 metric tons of CO2 emissions in 2018 – more than two-thirds from his yacht, which is always ready to use at a moment’s notice year-round.

Massive mansions and private jets

Bill Gates, currently the world’s fourth-richest person with $124 billion, is a “modest” polluter – by billionaire standards – and is typical of those who may not own a giant yacht but make up for it with private jets.

Co-founder of Microsoft, he retired in 2020 to manage the Bill and Melinda Gates Foundation, the world’s largest charity, with an endowment of $50 billion.

In the 1990s, Gates built Xanadu – named after the vast fictional estate in Orson Welles’ “Citizen Kane” – at a cost of $127 million in Medina, Washington. The giant home covers 6,131 square meters, with a 23-car garage, a 20-person cinema and 24 bathrooms. He also owns at least five other dwellings in Southern California, the San Juan Islands in Washington state, North Salem, New York, and New York City, as well as a horse farm , four private jets, a seaplane and “a collection” of helicopters .

We estimated his annual footprint at 7,493 metric tons of carbon, mostly from a lot of flying.

The environmentally minded tech CEO

South African-born Elon Musk, CEO of Tesla Motors and SpaceX, has a surprisingly low carbon footprint despite being the world’s second-richest person, with $177 billion – and he seems intent on setting an example for other billionaires .

He doesn’t own a superyacht and says he doesn’t even take vacations .

We calculated a relatively modest carbon footprint for him in 2018, thanks to his eight houses and one private jet. This year, his carbon footprint would be even lower because in 2020 he sold all of his houses and promised to divest the rest of his worldly possessions .

While his personal carbon footprint is still hundreds of times higher than that of an average person, he demonstrates that the superrich still have choices to make and can indeed lower their environmental impact if they so choose.

His estimated footprint from the assets we looked at was 2,084 tons in 2018.

The value of naming and shaming

The aim of our ongoing research is to get people to think about the environmental burden of wealth.

While plenty of research has shown that rich countries and wealthy people produce far more than their share of greenhouse gas emissions, these studies can feel abstract and academic, making it harder to change this behavior.

[ Like what you’ve read? Want more? Sign up for The Conversation’s daily newsletter .]

We believe “shaming” – for lack of a better word – superrich people for their energy-intensive spending habits can have an important impact, revealing them as models of overconsumption that people shouldn’t emulate.

Newspapers, cities and local residents made an impact during the California droughts of 2014 and 2015 by “drought shaming” celebrities and others who were wasting water, seen in their continually green lawns . And the Swedes came up with a new term – “ flygskam ” or flying shame – to raise awareness about the climate impact of air travel.

Climate experts say that to have any hope of limiting global warming to 1.5 degrees Celsius above preindustrial levels, countries must cut their emissions in half by 2030 and eliminate them by 2050.

Asking average Americans to adopt less carbon-intensive lifestyles to achieve this goal can be galling and ineffective when it would take about 550 of their lifetimes to equal the carbon footprint of the average billionaire on our list.

• Climate change
• Carbon emissions
• Carbon footprint
• Paris Agreement
• Billionaires
• Roman Abramovich

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Guest Essay

The Superyachts of Billionaires Are Starting to Look a Lot Like Theft

By Joe Fassler

Mr. Fassler is a journalist covering food and environmental issues.

If you’re a billionaire with a palatial boat, there’s only one thing to do in mid-May: Chart your course for Istanbul and join your fellow elites for an Oscars-style ceremony honoring the builders, designers and owners of the world’s most luxurious vessels, many of them over 200 feet long.

The nominations for the World Superyacht Awards were all delivered in 2022, and the largest contenders are essentially floating sea mansions, complete with amenities like glass elevators, glass-sided pools, Turkish baths and all-teak decks. The 223-foot Nebula, owned by the WhatsApp co-founder Jan Koum, comes with an air-conditioned helicopter hangar.

I hate to be a wet blanket, but the ceremony in Istanbul is disgraceful. Owning or operating a superyacht is probably the most harmful thing an individual can do to the climate. If we’re serious about avoiding climate chaos, we need to tax, or at the very least shame, these resource-hoarding behemoths out of existence. In fact, taking on the carbon aristocracy, and their most emissions-intensive modes of travel and leisure, may be the best chance we have to improve our collective climate morale and increase our appetite for personal sacrifice, from individual behavior changes to sweeping policy mandates.

On an individual basis, the superrich pollute far more than the rest of us, and travel is one of the biggest parts of that footprint. Take, for instance, Rising Sun, the 454-foot, 82-room megaship owned by the DreamWorks co-founder David Geffen. According to a 2021 analysis in the journal Sustainability, the diesel fuel powering Mr. Geffen’s boating habit spews an estimated 16,320 tons of carbon-dioxide-equivalent gases into the atmosphere annually, almost 800 times what the average American generates in a year.

And that’s just a single ship. Worldwide, more than 5,500 private vessels clock in about 100 feet or longer, the size at which a yacht becomes a superyacht . This fleet pollutes as much as entire nations: The 300 biggest boats alone emit 315,000 tons of carbon dioxide each year, based on their likely usage — about as much as Burundi’s more than 10 million inhabitants. Indeed, a 200-foot vessel burns 132 gallons of diesel fuel an hour standing still and can guzzle 2,200 gallons just to travel 100 nautical miles.

Then there are the private jets, which make up a much higher overall contribution to climate change. Private aviation added 37 million tons of carbon dioxide to the atmosphere in 2016, which rivals the annual emissions of Hong Kong or Ireland. (Private plane use has surged since then, so today’s number is likely higher.)

You’re probably thinking: But isn’t that a drop in the bucket compared with the thousands of coal plants around the world spewing carbon? It’s a common sentiment; last year, Christophe Béchu, France’s minister of the environment, dismissed calls to regulate yachts and chartered flights as “ le buzz ” — flashy, populist solutions that get people amped up but ultimately only fiddle at the margins of climate change.

But this misses a much more important point. Research in economics and psychology suggests humans are willing to behave altruistically — but only when they believe everyone is being asked to contribute. People “stop cooperating when they see that some are not doing their part,” the cognitive scientists Nicolas Baumard and Coralie Chevallier wrote last year in Le Monde.

In that sense, superpolluting yachts and jets don’t just worsen climate change; they lessen the chance that we will work together to fix it. Why bother when the luxury goods mogul Bernard Arnault is cruising around on the Symphony, a $150 million, 333-foot superyacht?

“If some people are allowed to emit 10 times as much carbon for their comfort,” Mr. Baumard and Ms. Chevallier asked, “then why restrict your meat consumption, turn down your thermostat or limit your purchases of new products?”

Whether we’re talking about voluntary changes (insulating our attics and taking public transit) or mandated ones (tolerating a wind farm on the horizon or saying goodbye to a lush lawn), the climate fight hinges, to some extent, on our willingness to participate. When the ultrarich are given a free pass, we lose faith in the value of that sacrifice.

Taxes aimed at superyachts and private jets would take some of the sting out of these conversations, helping to improve everybody’s climate morale, a term coined by the Georgetown Law professor Brian Galle. But making these overgrown toys a bit more costly isn’t likely to change the behavior of the billionaires who buy them. Instead, we can impose new social costs through good, old-fashioned shaming.

Last June, @CelebJets — a Twitter account that tracked the flights of well-known figures using public data, then calculated their carbon emissions for all to see — revealed that the influencer Kylie Jenner took a 17-minute flight between two regional airports in California. One Twitter user wrote , “kylie jenner is out here taking 3 minute flights with her private jet, but I’m the one who has to use paper straws.”

As media outlets around the world covered the backlash, other celebrities like Drake and Taylor Swift scrambled to defend their heavy reliance on private plane travel. (Twitter suspended the @CelebJets account in December after Elon Musk, a frequent target of jet-tracking accounts, acquired the platform.)

There’s a lesson here: Hugely disproportionate per capita emissions get people angry. And they should. When billionaires squander our shared supply of resources on ridiculous boats or cushy chartered flights, it shortens the span of time available for the rest of us before the effects of warming become truly devastating. In this light, superyachts and private planes start to look less like extravagance and more like theft.

Change can happen — and quickly. French officials are exploring curbing private plane travel. And just last week — after sustained pressure from activists — Schiphol Airport in Amsterdam announced it would ban private jets as a climate-saving measure.

Even in the United States, carbon shaming can have outsize impact. Richard Aboulafia, who’s been an aviation industry consultant and analyst for 35 years, says that cleaner, greener aviation, from all-electric city hoppers to a new class of sustainable fuels, is already on the horizon for short flights. Private aviation’s high-net-worth customers just need more incentive to adopt these new technologies. Ultimately, he says, it’s only our vigilance and pressure that will speed these changes along.

There’s a similar opportunity with superyachts. Just look at Koru, Jeff Bezos’ newly built 416-foot megaship, a three-masted schooner that can reportedly cross the Atlantic on wind power alone. It’s a start.

Even small victories challenge the standard narrative around climate change. We can say no to the idea of limitless plunder, of unjustifiable overconsumption. We can say no to the billionaires’ toys.

Joe Fassler is a journalist covering food and environmental issues. He is the author of “Light the Dark ” and the forthcoming novel “The Sky Was Ours.”

The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips . And here’s our email: [email protected] .

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Millionaire vs Billionaire – Beyond the Difference in the Number of Zeros

What is the difference between a billionaire and a millionaire? While making the distinction should be a no-brainer in theory, sometimes the terms are used interchangeably. That’s why we decided to take a closer look at the millionaire vs billionaire comparison and identify the key similarities and differences between these two groups of people.

We will also explore why becoming a billionaire is a much more difficult goal to achieve than becoming a millionaire. So stay tuned for more information!

Millionaire vs Billionaire: Definitions

Let’s start with the basics. A millionaire is an individual whose net worth is equal to or greater than one million dollars. This can be calculated by adding up all of the person’s assets and subtracting their debts. 

A billionaire, on the other hand, is a much more exclusive term — it refers to an individual whose net worth is equal to or greater than one billion dollars. This is a much higher threshold than a million and as such, there are far fewer billionaires in the world than millionaires.

In fact, there are only 2,668 billionaires in the world at present based on Forbes’ latest annual ranking, with the US accounting for 735 of those. 

In contrast, there are more than 20 million millionaires in the US alone. This means that there are greater chances of becoming a millionaire than a billionaire. Transitioning from being a millionaire to billionaire is not a given either.

How are billionaires different from millionaires?

So now that we know the meaning of each term, we already have an idea of the fundamental difference between a millionaire and a billionaire. But let’s not limit our knowledge there and consider some less obvious factors that make millionaires different from billionaires.

1. Time Required to Spend All of Their Money

Is there a better way to look at the difference between the just rich and the super-rich than estimating how much time each group needs to spend their money?

$1 Million Dollars

Let’s say you want to spend $1 million as quickly as possible. In order to do this, you’ll need to spend $1 each second for about 12 days. Yes, a million dollars that you may have saved up for years or even decades can all be done in just 12 days if you spend a single dollar per second.

$1 Billion Dollars

If you have $1 billion and want to spend it as quickly as possible, it will take you close to 32 years to spend all of it. Yes, that’s right — you will have over three decades to burn through a billion if you spend $1 per second.

2. Level of Power

You may live like a king for the rest of your life once you’ve amassed enough millions, but being a billionaire could give you the power of a king.

Let’s look at some examples to illustrate how powerful billionaires can be.

• Government sector. Did you know that a few billion dollars let you change a government policy? That’s right! Millionaires can contribute huge amounts of their wealth or fund an organized attempt to influence policymakers. However, only billionaires have the capability to direct the overall course of a government.
• Industrial sector. Having enough billions empowers an individual to influence the direction of an entire sector. To that end, they can buy one or several companies. 

3. Lifestyle 

If your net worth is $1 million, what kind of lifestyle can you have? What if it’s $1 billion instead?

According to experts, a 3% withdrawal rate could reasonably sustain a person’s life. So if you have a $1 million net worth, that means you’ll be able to withdraw $30,000 a year from your account. A million dollars will give you $49,000 in yearly income when Social Security of $19,000 is combined.

Let’s say you require assisted living in your later years. The current average costs for in-home or nursing care range from $94,000 to more than $100,000 per year. This means that you’ll be reducing the lifespan of your principal as you spend your capital faster than replenish it.

However, if you have a net worth of $1 billion, 3% of that will get you $30 million in annual income on your retirement. You could most likely live without filing for Social Security at that rate. 

With that said, you can’t help but wonder how to become a billionaire . But if you were not born to a wealthy family, getting there seems almost impossible.

4. Spending Tendencies

Both groups enjoy the finer things in life, whether it’s a luxurious home or a private jet.

However, the way they spend their money is another key billionaire vs millionaire distinction. For one, millionaires tend to be more frugal with their money. They may have expensive tastes, but they’re also more mindful of their spending.

Billionaires meanwhile are known for their lavish spending. They often have multiple homes and jets, and they aren’t afraid to flaunt their wealth. After all, they have 32 years to spend only a single of their billions if they spend $1 every second.

Who is the richest millionaire or billionaire?

Elon Musk, CEO and co-founder of Tesla, has been the richest person in the world since 2021, having a net worth of $273 billion, according to Investopedia. Aside from the electric vehicle company where he owns a 17% share, Musk is also the CEO and Chief Engineer of SpaceX which develops space launch rockets. He is also set to spend $44 billion of his fortune to acquire the microblogging platform Twitter.   

What is the difference between a million and a billion dollars?

When we compare $1 million vs $1 billion in terms of figures, it’s easy to say one has more zeros than the other. By ratio, it’s 1:1000 or $1 billion is 1000 $1 million. Here’s another way to illustrate the millionaire vs billionaire difference. One person with $1 billion is equivalent to 1000 individuals with $1 million each. 

There are many differences between a millionaire and billionaire, but the most notable ones include the power that comes with the amount of money they have and the kind of lifestyle their riches can provide. 

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