Yachting at the heart of economic challenges in the region Sud and Monaco

MONACO, Feb. 09, 2024 (GLOBE NEWSWIRE) -- In the western Mediterranean, in a golden triangle located between Italy, Spain and the French Riviera, 2,000 yachts over 30 meters are concentrated, out of a total of 5,500 existing in the world. This is what emerges from the economic symposium 'La Belle Classe Superyachts', organized by the Yacht Club de Monaco. At the center of the event is the economic impact of yachting on a global level with a focus on the southern region of France and the Principality. Precisely these areas "are the main players in pleasure boating. The symposium offers a unique opportunity to bring together shipowners and professionals for a collective analysis of current trends and issues, while exploring new opportunities and challenges in the sector", says YCM general secretary and president of the Yachting Monaco cluster, Bernard d'Alessandri.

According to an industry report by Superyacht Times, over 200 superyachts were delivered globally in 2023 with an estimated total value of over 5.9 billion euros. 88% of those over 30 meters were built in Europe: "A large part comes from the large Italian shipyards Ferretti Group, Azimut Benetti Group and Sanlorenzo, which have once again dominated the market", specifies Francesca Webster, Superyacht Times editor in chief, during the presentation of the data. The sector employs more than 250,000 people and around 40,000 of them work as crew members on the global superyacht fleet.

Benefiting from a privileged geographical position, with famous ports and world-famous tourist events, Southern France attracts more than half of the world's fleet of yachts over 30 meters every year, which has increased sixfold in 35 years. According to a study carried out by the Earthcase company on the initiative of the regional tourism committee, the yachting sector has a significant economic impact of 1.1 billion euros, with 10,200 jobs. In more detail, the technical ecosystem contributes 438 million euros and creates 3,600 jobs, while the tourism component generates 663 million euros and employs 6,600 people. "Be it in the South of France or in Monaco, it was essential to carry out economic studies to obtain stable and reliable data to implement a proper policy based on concrete facts. The aim is to be in a position to make recommendations to the industry while respecting the economic-environmental balance", declared François de Canson, President of the CRT (Regional Tourism Committee), President of ADN Tourisme, Vice-President of the PACA (Provence-Alpes-Côte d'Azur) region responsible for economic development, attractiveness, tourism and major risks prevention.

As regards the Principality of Monaco, the Monegasque statistical institute Imsee carried out a detailed study on the sector for the first time which takes into account only activities directly related to the maritime and yachting economy. Yachting is a thriving sector with revenue in 2022 topping ?567.1 million or 3% of the Principality's total revenue excluding financial and insurance activities. The yachting sector numbers 411 establishments or 3.7% of total businesses in the Principality, and 1,429 jobs, representing 2.4% of Monaco's workforce. Yacht brokers are the leading provider of jobs in yachting in the Principality (431 or 30.1%). Only establishments whose actual activity is directly related to pleasure boats were included. Specialised design activities alone represent over 20 million euros of yachting revenue in 2022.

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