SAO PAULO, Brazil — While the international yacht market is sinking in North American and Europe, sales in Brazil are going strong — buoyed by an expanding class of wealthy Brazilians.
According to an article from the Associated Press, the number of millionaire households in Brazil is expected to more than triple by 2020. If yacht sales are an economic indicator, then that growth is well underway.
Some segments of boat sales have grown up to 30 percent annually since 2008. For the Italian yacht maker Ferretti, sales in Brazil were 5 percent of its global revenue in 2007. Now it’s 40 percent.
Earlier this summer, the company opened a $310 million Feretti shipyard near Sao Paulo that’s expected to produce 120 yachts annually. Other boat makers have also opened building operations in Brazil.
To read more, go to: High tide for Brazilian yacht market