difference millionaire billionaire yacht

10 of the most impressive superyachts owned by billionaires

From a sailing yacht owned by a russian billionaire industrialist to the luxury launch of the patek philippe ceo, here are the best billionaire-owned boats on the water….

Words: Jonathan Wells

There’s something about billionaires and big boats . Whether they’re superyachts or megayachts, men with money love to splash out on these sizeable sea-going giants. And that all began in 1954 — with the big dreams of Greek shipping magnate Aristotle Onassis.

Onassis, keen to keep his luxury lifestyle afloat when at sea, bought Canadian anti-submarine frigate HMCS Stormont after World War II. He spent millions turning it into an opulent super yacht, named it after his daughter — and the Christina O kicked off a trend among tycoons. To this day, the world’s richest men remain locked in an arms race to build the biggest, fastest, most impressive superyacht of all. Here are 10 of our favourites…

Eclipse, owned by Roman Abramovich

Built by: Blohm+Voss of Hamburg, with interiors and exteriors designed by Terence Disdale. Launched in 2009, it cost $500 million (the equivalent of £623 million today).

Owned by: Russian businessman Roman Abramovich, the owner of private investment company Millhouse LLC and owner of Chelsea Football Club. His current net worth is $17.4 billion.

Key features: 162.5 metres in length / 9 decks / Top speed of 22 knots / Two swimming pools / Disco hall / Mini submarine / 2 helicopter pads / 24 guest cabins

Sailing Yacht A, owned by Andrey Melnichenko

Built by: Nobiskrug, a shipyard on the Eider River in Germany. The original idea came from Jacques Garcia, with interiors designed by Philippe Starck and a reported price tag of over $400 million.

Owned by: Russian billionaire industrialist Andrey Melnichenko, the main beneficiary of both the fertiliser producing EuroChem Group and the coal energy company SUEK. Though his current net worth is $18.7 billion, Sailing Yacht A was seized in Trieste on 12 March 2022 due to the EU’s sanctions on Russian businessmen.

Key features: 119 metres in length / 8 decks / Top speed of 21 knots / Freestanding carbon-fibre rotating masts / Underwater observation pod / 14 guests

Symphony, owned by Bernard Arnault

Built by: Feadship, the fabled shipyard headquartered in Haarlem in The Netherlands. With an exterior designed by Tim Heywood, it reportedly cost around $150 million to construct.

Owned by: French billionaire businessman and art collector Bernard Arnault. Chairman and chief executive of LVMH, the world’s largest luxury goods company, his current net worth is $145.8 billion.

Key features: 101.5 metres in length / 6 decks / Top speed of 22 knots / 6-metre glass-bottom swimming pool / Outdoor cinema / Sundeck Jacuzzi / 8 guest cabins

Faith, owned by Michael Latifi

Built by: Similarly to Symphony above, also Feadship. With exteriors designed by Beaulieu-based RWD, and interiors by Chahan Design, it cost a reported $200 million to construct in 2017.

Owned by: Until recently, Canadian billionaire and part-owner of the Aston Martin Formula 1 Team , Lawrence Stroll. Recently sold to Michael Latifi, father of F1 star Nicholas , a fellow Canadian businessman with a net worth of just under $2 billion.

Key features: 97 metres in length / 9 guest cabins / Glass-bottom swimming pool — with bar / Bell 429 helicopter

Amevi, owned by Lakshmi Mittal

Built by: The Oceanco shipyard, also in The Netherlands. With exterior design by Nuvolari & Lenard and interior design by Alberto Pinto, it launched in 2007 (and cost around $125 million to construct).

Owned by: Indian steel magnate Lakshmi Mittal, chairman and CEO of Arcelor Mittal, the world’s largest steelmaking company. He owns 20% of Queen Park Rangers, and has a net worth of $18 billion.

Key features: 80 metres in length / 6 decks / Top speed of 18.5 knots / On-deck Jacuzzi / Helipad / Swimming Pool / Tender Garage / 8 guest cabins

Odessa II, owned by Len Blavatnik

Built by: Nobiskrug, the same German shipyard that built Sailing Yacht A . Both interior and exterior were created by Focus Yacht Design, and the yacht was launched in 2013 with a cost of $80 million.

Owned by: British businessman Sir Leonard Blavatnik. Founder of Access Industries — a multinational industrial group with current holdings in Warner Music Group, Spotify and the Grand-Hôtel du Cap-Ferrat — he is worth $39.9 billion.

Key features: 74 metres in length / 6 guest cabins / Top speed of 18 knots / Intimate beach club / Baby grand piano / Private master cabhin terrace / Outdoor cinema

Nautilus, owned by Thierry Stern

Built by: Italian shipyard Perini Navi in 2014. With interiors by Rémi Tessier and exterior design by Philippe Briand, Nautilus was estimated to cost around $90 million to construct.

Owned by: Patek Philippe CEO Thierry Stern. Alongside his Gulstream G650 private jet, Nautilus — named for the famous sports watch — is his most costly mode of transport. His current net worth is $3 billion.

Key features: 73 metres in length / 7 guest cabins / Top speed of 16.5 knots / Dedicated wellness deck / 3.5 metre resistance pool / Underfloor heating / Jet Skis

Silver Angel, owned by Richard Caring

Built by: Luxury Italian boatbuilder Benetti. Launched in 2009, the yacht’s interior has been designed by Argent Design and her exterior styling is by Stefano Natucci.

Owned by: Richard Caring, British businessman and multi-millionaire (his wealth peaked at £1.05 billion, so he still makes the cut). Chairman of Caprice Holdings, he owns The Ivy restaurants.

Key features: 64.5 metres in length / Cruising speed of 15 knots / 7 guest cabins / Lalique decor / 5 decks / Oval Jacuzzi pool / Sun deck bar / Aft deck dining table

Lady Beatrice, owned by Frederick Barclay

Built by: Feadship and Royal Van Lent in 1993. Exteriors were created by De Voogt Naval Architects, with interiors by Bannenberg Designs. She cost the equivalent of £63 million to build.

Owned by: Sir David Barclay and his late brother Sir Frederick. The ‘Barclay Brothers’ had joint business pursuits including The Spectator , The Telegraph and delivery company Yodel. Current net worth: £7 billion.

Key features: 60 metres in length / 18 knots maximum speed / Monaco home port / Named for the brothers’ mother, Beatrice Cecelia Taylor / 8 guest cabins

Space, owned by Laurence Graff

Built by: Space was the first in Feadship’s F45 Vantage series , styled by Sinot Exclusive Yacht Design and launched in 2007. She cost a reported $25 million to construct.

Owned by: Laurence Graff, English jeweller and billionaire businessman. As the founder of Graff Diamonds, he has a global business presence and a current net worth of $6.26 billion.

Key features: 45 metres in length / Top speed of 16 knots / Al fresco dining area / Sun deck Jacuzzi / Breakfast bar / Swimming platform / Steam room

Want more yachts? Here’s the handcradfted, homegrown history of Princess…

Become a Gentleman’s Journal member. Find out more here.

Become a Gentleman’s Journal Member?

Like the Gentleman’s Journal? Why not join the Clubhouse, a special kind of private club where members receive offers and experiences from hand-picked, premium brands. You will also receive invites to exclusive events, the quarterly print magazine delivered directly to your door and your own membership card.

Further reading

Editor’s Picks: Omega Seamaster Aqua Terra 150M, Brunello Cucinelli Trousers, KEF LSX II LT Speakers

The best BBQs to level up your summer cookout

The best cool boxes for summer 2024

• San Antonio

The Reason Wealthy People Own Yachts May Not Be What You Think

The appeal of sailing, as opposed to other ways of spending one's money, is surprisingly simple..

Ten years ago, the world's wealthiest people spent a collective $22 billion on yachts. That's a lot of money—about the same as what most European countries spend in total on their armed forces. But why spend so much on boats for sale ? What is the appeal of sailing over and above other ways of spending one's money such as fancy cars or mansions? The answer is surprisingly simple: unrivalled privacy.

The Emptiness of the Ocean

Do we live on a crowded planet? Ask most people and they will say yes, of course we do. But that's not actually the case when you look at it from the perspective of yacht owners. The surface of the Earth is very sporadically populated. Most people live in just a few concentrated areas. Regions such as Siberia, Greenland, Australia, the Antarctic, and the Sahara are virtually people-free zones. Unfortunately, these locations are difficult to access and have extreme weather. However, there is another wilderness that people rarely, if ever, consider (unless they are among the super rich) and that's the open ocean. The world's oceans are enormous. They cover some 70 percent of the planet, meaning that they offer more than two times the space of all of the Earth's land masses combined. What's more, no humans live on the sea (except other super wealthy people who can afford charter luxury yachts ). So you can travel for a thousand miles and not bump into a single soul. For the wealthy, this is appealing. It's almost impossible for paparazzi and civilians to track yacht movements. Once a vessel is out to sea, it becomes enormously expensive for journalists to keep tabs on it. Usually, the only way to really get up close is to use a helicopter—and they're notoriously expensive. Some parts of the ocean are even more deserted than others. Major trading routes along the Atlantic and Pacific tend to stay within particular corridors which offer the best winds and most direct routes. Once you get away from these, the traffic thins out considerably; and some ocean regions do not see any regular traffic at all.

The Public Lives of the Super Wealthy

But why would the super wealthy crave such a solitary ocean existence? The reason comes down to the type of lives they lead. Unlike regular folk, they can't walk to the local store, do some shopping, and then hop in the car and go home. If they did, they would be swarmed with people. They might even be in danger. Therefore, yachts offer a kind of peaceful oasis where the ultra wealthy can go to avoid the crowds. They offer a break from their high-profile public lives and allow them to retreat with a select few people they trust. The wealth of ultra high net worth people is extraordinary. Many have more than $30 million in assets, and they spend around $1.1 million per year on luxury items. In total, they comprise around 20 percent of the world's luxury market, buying watches, jewelery, and so on. However, as a group, they comprise around 90 percent of the world's yacht market. In other words, yachts are almost exclusively for the super rich with virtually nobody else entering the market at all. The amount that people are willing to spend on yachts is truly staggering. Published data suggests that a Russian billionaire currently owns the world's most expensive luxury yacht, worth more than $1 billion by some estimates. It has multiple pools, restaurants, car storage, and even a gun turret for fighting off pirates. It's more than 536 feet long and has two helipads, just in case he wants to invite his wealthy friends onboard.

While owning a yacht offers the super wealthy many benefits, there are also substantial risks. Injuries from boating accidents are surprisingly common, which is sad but also underscores the value that these vessels bring. Sailing also requires a lot of skill. You can't just pick up as you go along. It takes many years of training, particularly if you want to head out to the deep ocean. While the world's oceans are generally calm, sometimes waters can become choppy and cloud cover can reduce visibility. Furthermore, changes in weather conditions can make it hard to figure out where you are on the surface of the planet precisely. Larger vessels tend to have excellent communication tools, but smaller yachts do not. These factors all increase the risk of spending life at sea. There's also the issue that many of these boats are a long way from the nearest help. Some sail outside of country jurisdictions, meaning that there is little to no security coverage. This means that yacht owners often have to hire security as well, particularly if traveling through dangerous areas such as the perimeter of the Indian ocean. Of course, the more the super-rich spend on their luxury yachts , the more attention they draw. A recent yacht mooring attracted headlines and local people lined up to get a glimpse of it in the flesh.

The Superyacht Future

Because the superyacht market is so exclusive, it is sometimes hard for regular people to get a handle on how it works. There are only a few thousand individuals in the world with the financial means to purchase and operate such vessels without ruining themselves. However, researchers are slowly penetrating the market's elusive milieu. They're shadowing yacht brokers and using that to gain insights into how it works. The conclusion seems to be that yachts are a sort of tool for establishing the pecking order for the super rich. Unlike private jets (which are extremely helpful) or fine wine, superyachts are a status item that allows wealthy people to compare themselves to others. Those with the biggest and most elaborate vessels are at the top. Monaco makes a very visible show of this competition. In the harbor, dozens of large yachts line up with some especially gigantic vessels dominating the smaller pleasure craft in both size and prestige. Yachts are a depreciating asset, though, and extremely dependent on the wealth effect. When the super rich feel like they have more money (because asset prices are rising), they are often much more likely to take part in the yacht clubs market. However, if the economy takes a turn for the worse, they will bail, cancelling orders and selling their yachts to the highest bidder. The costs of running yachts are equally extraordinary—around 10 percent of the purchase price. So a super wealthy person who purchases a $100 million yacht can expect to pay $10 million per year in fuel, staff wages, maintenance and support.

According to industry experts, there is a distinct difference between a yacht and a superyacht . A superyacht is any pleasure craft with a hull measuring more than 24 meters in length. At this size, vessels typically offer multiple floors and special amenities such as cinemas and restaurants. The vast majority also have crew living quarters permitting the owner to travel in full luxury for weeks at a time. Yachts themselves operate as quasi-companies in the sole service of the millionaire or billionaire. There is a manager dedicated to ensuring that the boat is ready to set sail immediately and offer the high-net-worth individual all the services and meals that they expect. So, as you can see, there are plenty of reasons why wealthy people own yachts. Status is part of it, but that's not the whole story. The main reason is privacy which is something that is generally in short supply for high-profile figures.

EDITORIAL POLICY

Editorial policy: the flash list is dedicated to providing trustworthy editorial content by maintaining strict ethical standards, journalistic integrity, and credible professionalism regardless of any remuneration as working media. the flash list is not affiliated with third-party companies mentioned and makes no endorsement or guarantee expressed or implied. the preceding article is intended for informational reference only, and does not constitute advice of any kind. moreover, a qualified professional should be consulted regarding any lifestyle consideration, medical treatment, or monetary transaction, etc. content contains affiliated link(s) for which compensation was received in accordance with usftc regulations and terms and conditions ., more on the flash list.

Subscribe for More

Get date ideas, life hacks, and details on regional events and entertainment..

Select a City

Find things to do in austin , dallas , houston , san antonio , galveston , etc ..

Art of Gallivanting

Our sister website offers extraordinary adventures for ordinary people..

Entertainment News

The latest news and top stories in arts, dining, culture, music, and more..

Events Calendar

Not everything you could do, but events you definitely should consider..

Fun Things to Do

You've worked hard; now it's time to play hard and enjoy some recreation..

Date Night Ideas

From retro candy stores to luxury car rentals, find fun ideas for date night..

Arts and Culture

Attend a theater production, symphony performance, or arts exhibition..

Music and Concerts

Enjoy local bands, touring shows, music festivals, outdoor concerts, etc..

Food and Dining

Search for local restaurants, get foodie tips, or find unique tasting events..

Movies in Theaters

See previews of movies coming soon and trailers for films now at theaters..

Texas Travel

Road trip ideas for day-long, weekend, and extended adventures in texas..

EXPLORE CITIES

DISCOVER MORE

MEDIA SERVICES

Promote your news or local event listing.

THE FLASH LIST ON AMAZON

Search topics.

Search key topics and find local information.

FEATURED LINKS

Scavenger Hunts

Create lasting memories in cities worldwide..

Masculine Gifts for Him

Unique gifts for men as the equivalent to flowers..

Personalized Book

It's your love. tell your story..

Laser-Engraved Art

Transform photographs into crystal masterpieces..

GO GALLIVANT

The art of gallivanting, extraordinary adventures for ordinary people..

USA  |  AUSTIN  |  DALLAS  |  HOUSTON  |  SAN ANTONIO  |  MORE

Arts & Culture

Food & Dining

Life & Leisure

Love & Romance

Movies & Film

Music & Concerts

Sports & Recreation

Travel & Adventure

Contact & About

Media Services

Advertise with Us

Terms & Privacy

Subscribe to News

Information is subject to change.   please confirm details with all venues., © 2009-2023 the flash list.   all rights reserved..

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. 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

What is Credit Utilization Ratio and Why is It Important?

When talking about credit score and financial health, one of the most important factors is the credit utilization ratio. In short, this number represents the used percentage of your credit. Depending on how you handle it, you can ultimately build your...

Property Taxes by State – A Complete Rundown

Property tax is the amount you pay to authorities on personal or business properties you own. How much you pay depends on several factors, one of which is your state of residence. That makes it essential to know the property taxes by state next time you plan...

Student Loan Debt by State – A Complete Rundown

In 2021, the total US student debt surpassed $1.59 trillion. Americans are the nation with the highest college debt in the world, with the trend of growing student debt balances showing no signs of slowing down. Do you know the stats on student loan debt by...

yacht difference between millionaire and billionaire

10 of the most impressive superyachts owned by billionaires.

From a sailing yacht owned by a russian billionaire industrialist to the luxury launch of the patek philippe ceo, here are the best billionaire-owned boats on the water….

Words: Jonathan Wells

There’s something about billionaires and big boats . Whether they’re superyachts or megayachts, men with money love to splash out on these sizeable sea-going giants. And that all began in 1954 — with the big dreams of Greek shipping magnate Aristotle Onassis.

Onassis, keen to keep his luxury lifestyle afloat when at sea, bought Canadian anti-submarine frigate HMCS Stormont after World War II. He spent millions turning it into an opulent super yacht, named it after his daughter — and the Christina O kicked off a trend among tycoons. To this day, the world’s richest men remain locked in an arms race to build the biggest, fastest, most impressive superyacht of all. Here are 10 of our favourites…

Eclipse, owned by Roman Abramovich

Built by: Blohm+Voss of Hamburg, with interiors and exteriors designed by Terence Disdale. Launched in 2009, it cost $500 million (the equivalent of £623 million today).

Owned by: Russian businessman Roman Abramovich, the owner of private investment company Millhouse LLC and owner of Chelsea Football Club. His current net worth is $17.4 billion.

Key features: 162.5 metres in length / 9 decks / Top speed of 22 knots / Two swimming pools / Disco hall / Mini submarine / 2 helicopter pads / 24 guest cabins

Sailing Yacht A, owned by Andrey Melnichenko

Built by: Nobiskrug, a shipyard on the Eider River in Germany. The original idea came from Jacques Garcia, with interiors designed by Philippe Starck and a reported price tag of over $400 million.

Owned by: Russian billionaire industrialist Andrey Melnichenko, the main beneficiary of both the fertiliser producing EuroChem Group and the coal energy company SUEK. Though his current net worth is $18.7 billion, Sailing Yacht A was seized in Trieste on 12 March 2022 due to the EU’s sanctions on Russian businessmen.

Key features: 119 metres in length / 8 decks / Top speed of 21 knots / Freestanding carbon-fibre rotating masts / Underwater observation pod / 14 guests

Symphony, owned by Bernard Arnault

Built by: Feadship, the fabled shipyard headquartered in Haarlem in The Netherlands. With an exterior designed by Tim Heywood, it reportedly cost around $150 million to construct.

Owned by: French billionaire businessman and art collector Bernard Arnault. Chairman and chief executive of LVMH, the world’s largest luxury goods company, his current net worth is $145.8 billion.

Key features: 101.5 metres in length / 6 decks / Top speed of 22 knots / 6-metre glass-bottom swimming pool / Outdoor cinema / Sundeck Jacuzzi / 8 guest cabins

Faith, owned by Michael Latifi

Built by: Similarly to Symphony above, also Feadship. With exteriors designed by Beaulieu-based RWD, and interiors by Chahan Design, it cost a reported $200 million to construct in 2017.

Owned by: Until recently, Canadian billionaire and part-owner of the Aston Martin Formula 1 Team , Lawrence Stroll. Recently sold to Michael Latifi, father of F1 star Nicholas , a fellow Canadian businessman with a net worth of just under $2 billion.

Key features: 97 metres in length / 9 guest cabins / Glass-bottom swimming pool — with bar / Bell 429 helicopter

Amevi, owned by Lakshmi Mittal

Built by: The Oceanco shipyard, also in The Netherlands. With exterior design by Nuvolari & Lenard and interior design by Alberto Pinto, it launched in 2007 (and cost around $125 million to construct).

Owned by: Indian steel magnate Lakshmi Mittal, chairman and CEO of Arcelor Mittal, the world’s largest steelmaking company. He owns 20% of Queen Park Rangers, and has a net worth of $18 billion.

Key features: 80 metres in length / 6 decks / Top speed of 18.5 knots / On-deck Jacuzzi / Helipad / Swimming Pool / Tender Garage / 8 guest cabins

Odessa II, owned by Len Blavatnik

Built by: Nobiskrug, the same German shipyard that built Sailing Yacht A . Both interior and exterior were created by Focus Yacht Design, and the yacht was launched in 2013 with a cost of $80 million.

Owned by: British businessman Sir Leonard Blavatnik. Founder of Access Industries — a multinational industrial group with current holdings in Warner Music Group, Spotify and the Grand-Hôtel du Cap-Ferrat — he is worth $39.9 billion.

Key features: 74 metres in length / 6 guest cabins / Top speed of 18 knots / Intimate beach club / Baby grand piano / Private master cabhin terrace / Outdoor cinema

Nautilus, owned by Thierry Stern

Built by: Italian shipyard Perini Navi in 2014. With interiors by Rémi Tessier and exterior design by Philippe Briand, Nautilus was estimated to cost around $90 million to construct.

Owned by: Patek Philippe CEO Thierry Stern. Alongside his Gulstream G650 private jet, Nautilus — named for the famous sports watch — is his most costly mode of transport. His current net worth is $3 billion.

Key features: 73 metres in length / 7 guest cabins / Top speed of 16.5 knots / Dedicated wellness deck / 3.5 metre resistance pool / Underfloor heating / Jet Skis

Silver Angel, owned by Richard Caring

Built by: Luxury Italian boatbuilder Benetti. Launched in 2009, the yacht’s interior has been designed by Argent Design and her exterior styling is by Stefano Natucci.

Owned by: Richard Caring, British businessman and multi-millionaire (his wealth peaked at £1.05 billion, so he still makes the cut). Chairman of Caprice Holdings, he owns The Ivy restaurants.

Key features: 64.5 metres in length / Cruising speed of 15 knots / 7 guest cabins / Lalique decor / 5 decks / Oval Jacuzzi pool / Sun deck bar / Aft deck dining table

Lady Beatrice, owned by Frederick Barclay

Built by: Feadship and Royal Van Lent in 1993. Exteriors were created by De Voogt Naval Architects, with interiors by Bannenberg Designs. She cost the equivalent of £63 million to build.

Owned by: Sir David Barclay and his late brother Sir Frederick. The ‘Barclay Brothers’ had joint business pursuits including The Spectator , The Telegraph and delivery company Yodel. Current net worth: £7 billion.

Key features: 60 metres in length / 18 knots maximum speed / Monaco home port / Named for the brothers’ mother, Beatrice Cecelia Taylor / 8 guest cabins

Space, owned by Laurence Graff

Built by: Space was the first in Feadship’s F45 Vantage series , styled by Sinot Exclusive Yacht Design and launched in 2007. She cost a reported $25 million to construct.

Owned by: Laurence Graff, English jeweller and billionaire businessman. As the founder of Graff Diamonds, he has a global business presence and a current net worth of $6.26 billion.

Key features: 45 metres in length / Top speed of 16 knots / Al fresco dining area / Sun deck Jacuzzi / Breakfast bar / Swimming platform / Steam room

Want more yachts? Here’s the handcradfted, homegrown history of Princess…

Become a Gentleman’s Journal member. Find out more here.

Become a Gentleman’s Journal Member?

Like the Gentleman’s Journal? Why not join the Clubhouse, a special kind of private club where members receive offers and experiences from hand-picked, premium brands. You will also receive invites to exclusive events, the quarterly print magazine delivered directly to your door and your own membership card.

Further reading

Editor’s Picks: Omega Seamaster Aqua Terra 150M, Brunello Cucinelli Trousers, KEF LSX II LT Speakers

The best BBQs to level up your summer cookout

The best cool boxes for summer 2024

By SuperyachtNews 17 Jan 2018

The billionaires' and millionaires' markets

Using the example set by gyg and data from tar, we explore the superyacht industry's different markets….

At The Superyacht Forum 2017 , during the ‘Floating on the market’ keynote session, Remy Millott, CEO of GYG, which began floating on the AIM stock exchange in July 2017, spoke about the experience of educating investors on the difference between ‘the billionaires’ market’ and ‘the millionaires’ market,’ both of which exist within the larger superyacht sphere.

From an outsider’s perspective, and perhaps even from the perspective of some within the superyacht market, the difference is a novel or linguistic one. After all, ultra-high-net-worth individuals are defined by most as owning assets with a cumulative value of $30million or more. And yet, the billionaires’ and millionaires’ markets perform very differently in a superyacht context.

“Many of the investors that we sat down with, we had to convince them that we were not in the 25m market, the millionaires market, we had to convince them that we are operating in the billionaires’ market…[and] that it was a legitimate industry that they could invest in,” explained Millott. “The hardest thing was convincing them that we were weren’t part of the smaller end of the superyacht market that went through a lot of pain during the financial crisis…we had to defeat the preconceptions that the market we operate in is cyclical.”

In The Superyacht Annual Report 2018: New Build (TAR) the statistics clearly highlight the difference in the stability of the 70m-plus sector - the ‘billionaires’ market that Millott alludes to - and the sub-70m sectors. Unlike the 30-70m portion of the market, the 70m-plus sector has remained resilient, regardless of market fluctuations, including the well documented downturn that has occurred in the post-2008 Global Financial Crisis era. As a result, the large superyacht market arguably remains the most investable portion of the market because of the stability it has been able to prove year-on-year.

According to TAR, the 70m-plus sector has delivered an average of 11.8 superyachts annually since 2008, whereas the sub-70m portion of the market has delivered an average of 147.5 vessels annually. At first glance, you would think that the sector with highest delivery figures would be the most attractive to investors. However, when you consider that only 105 sub-70m vessels were delivered in 2017 and 10 70m-plus vessels were delivered in 2017, it is clear which market is the more consistent. Since 2008, the sub-70m market has been on a near continuous decline year-on-year, with only the dimmest flickers of recovery in anomalous years (2012 and 2016), whereas the 70m-plus sector has continued to perform as it has done, year-on-year, since 2008. Furthermore, the scale and value of these projects is exponentially larger, and requires significantly more human capital.

Part of GYG’s success in generating private equity investment and, latterly, going public, was that Millott and his team were able to prove that GYG’s market was the predictable and profitable 70m-plus billionaires’ market. Pinmar, GYG’s paint application business, works on vessels that are, on average, 72m for refit and 84m for new build, yielding an average vessel size of 78m.

Unlike the millionaires’ market, the billionaires’ market is far less susceptible to various market forces thanks in large to the robustness of each billionaire’s wealth profile and portfolio. By proving that its core business is not cyclical or likely to be affected by various broader economic market fluctuations, GYG has been able to clearly distinguish between the superyacht industry’s two separate markets and showcase that one may be more attractive to investors than the other.

Have you subscribed to the Superyacht intelligence Business Package 2018 , which includes 2018's New Build, Brokerage, Training & Recruitment and Marinas & Migration Annual Reports? Click here to get your copies.

Profile links

Join the discussion

To post comments please Sign in or Register

When commenting please follow our house rules

Click here to become part of The Superyacht Group community, and join us in our mission to make this industry accessible to all, and prosperous for the long-term. We are offering access to the superyacht industry’s most comprehensive and longstanding archive of business-critical information, as well as a comprehensive, real-time superyacht fleet database, for just £10 per month, because we are One Industry with One Mission. Sign up here .

Sign up to the SuperyachtNews Bulletin

Receive unrivalled market intelligence, weekly headlines and the most relevant and insightful journalism directly to your inbox.

Sign up to the SuperyachtNews Bulletin

The superyachtnews app.

Follow us on

Media Pack Request

Please select exactly what you would like to receive from us by ticking the boxes below:

SuperyachtNews.com

Register to comment

An entrepreneur who interviewed 21 billionaires says the key difference between them and millionaires is how they answer a simple question about money.

• Billionaires are different from millionaires  in that they enjoy making money  more than they enjoy spending it , according to Rafael Badziag in his book  " The Billion Dollar Secret. "  
• Spending less than you make is the foundation to building wealth .
• From Warren Buffett to Lirio Parisotto, many billionaires have frugal habits.
• Visit Business Insider's homepage for more stories .

Millionaires and billionaires may both be richer than the average person, but they're each in a group of their own.

The distinction between the two comes down to how they answer one question, according to Rafael Badziag in his book "The Billion Dollar Secret: 20 Principles of Billionaire Wealth and Success " : " What do you enjoy more, making money or spending it?"

Badziag, an entrepreneur and expert on the psychology of entrepreneurship, spent five years conducting face-to-face interviews with 21 self-made billionaire entrepreneurs around the world (defined as those with a net worth of at least $1 billion) and researching their lives and companies.

"The difference between financially successful people (millionaires) and financially super successful people (billionaires) boils down to the fact that the latter get pleasure making money, but don't enjoy spending it," he wrote. 

Billionaire businessmen Michal Solowow — the wealthiest person in Poland — and Lirio Parisotto — the wealthiest person in South America — both credited their savings habits to their financial success.

"You want to get rich? There's one way to do it: Spend less than you make. If you spend less and you accumulate, you get rich," billionaire Frank Hasenfratz told Badziag.

Read more : An entrepreneur who interviewed 21 billionaires says the same 6 habits helped make all of them successful

Frugality begets wealth

Spending less than you earn is a classic staple of building wealth . Saving and investing more money than you spend helps spark the power of compound interest , where the interest you earn on your money earns more interest over time.

Frugality — a commitment to saving, spending less, and sticking to a budget — is one of the characteristics most predictive of net worth, according to Sarah Stanley Fallaw, the director of research for the   Affluent Market Institute   and an author of  " The Next Millionaire Next Door: Enduring Strategies for Building Wealth ."

"Spending above your means, spending instead of saving for retirement, spending in anticipation of becoming wealthy makes you a slave to the paycheck, even with a stellar level of income," she wrote.

Look at the famously frugal Warren Buffett, who still lives in the modest home in Omaha, Nebraska, that he  bought for $276,700 in 1958 (in today's dollars). He's never upgraded to a smartphone, pays $18 for a haircut, and spends no more than $3.17 on his daily McDonald's breakfast — even though his estimated net worth is $84.6 billion .

Watch: Warren Buffett, the third-richest person in the world, is also one of the most frugal billionaires. Here's how he makes and spends his fortune.

• Main content

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. 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

What is Credit Utilization Ratio and Why is It Important?

When talking about credit score and financial health, one of the most important factors is the credit utilization ratio. In short, this number represents the used percentage of your credit. Depending on how you handle it, you can ultimately build your...

Property Taxes by State – A Complete Rundown

Property tax is the amount you pay to authorities on personal or business properties you own. How much you pay depends on several factors, one of which is your state of residence. That makes it essential to know the property taxes by state next time you plan...

Student Loan Debt by State – A Complete Rundown

In 2021, the total US student debt surpassed $1.59 trillion. Americans are the nation with the highest college debt in the world, with the trend of growing student debt balances showing no signs of slowing down. Do you know the stats on student loan debt by...

Michael Jordan's $113.7 Million Costlier Vessel Than Magic Johnson's Proves Why He Still Is the Greatest NBA Billionaire

Michael jordan and magic sail all over again.

Difference between millionaire and billionaire : Yacht comparisonIn today's youtube short video we'll be comparing and contrasting the differences between ya...

Today we'll be comparing and contrasting the differences between yachts owned by millionaires, and billionaires! Sit back, relax and enjoy!Facebook: https://...

Luxury Yacht: Millionaire vs Billionaire Yacht EditionToday we'll be comparing and contrasting the differences between yachts owned by millionaires, and bill...

Built by: Space was the first in Feadship's F45 Vantage series, styled by Sinot Exclusive Yacht Design and launched in 2007. She cost a reported $25 million to construct. Owned by: Laurence Graff, English jeweller and billionaire businessman. As the founder of Graff Diamonds, he has a global business presence and a current net worth of $6.26 ...

The differences between a millionaire's boat and a billionaire's ship. When I'm a trillionaire, I'll have a yacht so big that it will have a lake on board and billionaires will drive their puny yachts around inside my yacht-lake. I might let Jay-Z and Branson come ashore (aboard) for tea once in a while. I paid to rent a pontoon boat for 4 ...

777.1K Likes, 1.9K Comments. TikTok video from Superyachts (@superyacht): "What's the difference between millionaires and billionaires? Take a look at their yacht darling🥂💰 #millionaire #billionaire #richworld #yachtworld". yacht. What's the difference between a millionaire and a billionaire? This is the difference between millionaires…. | And billionaires 💰💰💰💰💰💰 ...

At The Superyacht Forum 2017, during the 'Floating on the market' keynote session, Remy Millott, CEO of GYG, which began floating on the AIM stock exchange in July 2017, spoke about the experience of educating investors on the difference between 'the billionaires' market' and 'the millionaires' market,' both of which exist within the larger superyacht sphere.

By buying a mega yacht billionaires aren't hoarding wealth. They're using the wealth they already hoarded to dictate how our society progresses. Their selfish extravagance ensures that a significantly large percentage of society spends their time laboring for the enjoyment of a vanishingly small percentage of society.

An entrepreneur who interviewed 21 billionaires says the key difference between them and millionaires is how they answer a simple question about money Hillary Hoffower 2019-06-17T14:15:00Z

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.

The difference between millionaire and Billionaire #yacht #yachtlife #yachtclub #yachtdesign #luxury #viral.

A mesmerizing journey to explore the stark differences between the yachts owned by millionaires and those belonging to billionaires. Join us as we compare an...

If you make $1M per year it'll take one thousand years to make $1B. It's crazy because the difference is actually so much bigger. Bezos vs Gates the way amazon stocks are looking. To take it further, the difference between a billionaire ($1,000,000,000 net worth), and a multi-billionaire, such as Jeff Bezos (~$143,000,000,000).

The difference between a millionaire's yacht and a billionaire's yacht is often threefold in size, luxury, and amenities, reflecting the vast gap in financial resources and lifestyle. ... Love this content? follow us @ai.automationsystems for more #yacht #millionaire #billionaire #MillionaireYacht #BillionaireYacht #LuxuryLifestyle # ...

The Difference Between Millionaires And Billionaires #yacht #yachting #yachtlife - www.global-elite.co.uk - +44 7477553323 #yachtcharter #yacht...

What do you think of these beautiful Yachts? ↠ 🟢 Our Aviation Compilation Channel : https://www.youtube.com/channel/UCvN2PWPtxI-wejojlva8jPQ↠ 🟢 Fol...

What's the difference between a million dollars and a billion dollars? About a billion dollars. ... For a billionaire, buying a yacht for a sum in the tens of millions has the same effect as buying a new car for a millionaire and a meal in a restaurant for an ordinary worker.

I'm sure many here may have come across this illustration of the difference in wealth between a millionaire and a billionaire. It uses seconds as a vehicle to make the difference more understandable. In the world of the super rich, millionaires are mere paupers! 1 million seconds = 11 days. 1billion seconds = 31 years.

Difference Between Millionaire and Billionaire,Millionaire vs billionaire Yacht BURNING DESIRE 💲MILLION DOLLAR MANSIONS, billionaire lifestyle, billionaire...

The same number of people are employed. But the second option provides more social benefit. The billionaire in the picture had the option of. buying a nice yacht, plus building a hundred social hubs in poor countries, undoubtedly improving hundreds of lives, and probably saving many lives. Buying a mega yacht.

In 2015, Michael Jordan achieved the billionaire status, and eight years later in 2023, Magic Johnson followed suit. The post Michael Jordan's $113.7 Million Costlier Vessel Than Magic Johnson's ...

The difference between a million dollars and a billion dollars is pretty much a billion dollars. Reply reply. [deleted] •. Inflation renders "millionaire" a more and more meaningless term each year. 1 in 20 Americans is a millionaire. My parents became millionaires because the value of their house tripled for no reason.

About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy & Safety How YouTube works Test new features NFL Sunday Ticket Press Copyright ...

The long tale of the yacht linked to a Russian oligarch and abandoned in the Caribbean for more than 2 years finally draws to a close

• An undisclosed buyer picked up the Alfa Nero for $40 million last week.
• The yacht was originally seized from a Russian oligarch in 2022.
• The sale ended an ownership tug-of-war, which included ex-Google CEO Eric Schmidt.

An undisclosed buyer has finally stepped up to the helm of the Alfa Nero superyacht, ending a two-year-long saga, Bloomberg reported on Tuesday.

That buyer agreed last week to pay $40 million, a huge discount to the $67.6 million that former Google CEO Eric Schmidt bid last year, a deal he eventually abandoned.

The Antigua and Barbuda government sold the superyacht, which houses an infinity pool that converts to a helipad or dancefloor.

The massively discounted price can be attributed to authorities' need "to get the boat sold," Richard Higgins, a broker who represented the buyer, told Bloomberg.

Higgins said the European buyer, whose identify was kept secret, intends to put the superyacht on the charter market.

The person "is not included in the sanctions list of any country or institution," Ronald Sanders, Antigua and Barbuda's ambassador to the US, told Bloomberg.

Related stories

The 267-foot-vessel was seized by Antigua and Barbuda authorities after it was linked to Russian oligarch Andrey Guryev, who was accused by the US Treasury Department of having close ties to Russian President Vladimir Putin. Guryev is the founder of Phosagro, Europe's largest producer of phosphate fertilizers, according to the Bloomberg Billionaires Index .

The Alfa Nero was among dozens of superyachts seized following global sanctions against Putin's closest associates, which led to billions of dollars in frozen assets.

The Alfa Nero's maiden owner was Guryev, who purchased the vessel for $120 million, according to the US Treasury and the Antigua and Barbuda government . The Russian billionaire had adamantly denied ownership.

After the vessel was seized in 2022, it remained docked in Antigua's Falmouth Harbour, which cost residents of the Caribbean nation $28,000 in weekly tax dollars for maintenance, which took as many as 44 crew members . The superyacht was then valued at $81 million.

In 2023, the Antigua and Barbuda government put the Alfa Nero up for auction, citing hazards due to a lack of maintenance.Eric Schmidt initially won the bidding, for $67.6 million , but eventually backed out after Guryev's daughter claimed ownership of the superyacht.

The most recent acquisition of the Alfa Nero finally ends its ownership limbo, during which it racked up millions of dollars in port fees under the custody of the Antigua and Barbuda authorities, Darwin Telemaque, the Alfa Nero's port manager, told Bloomberg.

Last year, the Wall Street Journal reported that Antigua and Barbuda taxpayers were footing a $28,000-a-week bill to maintain the Alfa Nero, including the salary of an Italian captain and $2,000-a-day in diesel to keep its air conditioning running. That's because if the AC is turned off, it could let mold spread throughout the vessel and ruin the hardwood interior or a Joan Miró painting onboard, per the WSJ.

Watch: Video of Russian naval ship explosion shows a much-needed win for Ukraine

• Main content

Superyacht abandoned by a Russian fertilizer billionaire has a new secret owner, who got it for a huge discount

The Alfa Nero superyacht, which has been abandoned in the Caribbean for more than two years, has a new owner.

The 267-foot (81-meter) vessel, complete with a baby grand piano and a swimming pool that turns into a helipad, sold for $40 million last week, said Ronald Sanders, Antigua and Barbuda’s ambassador to the US. He declined to name the buyer, citing a confidentiality agreement.

The sale marks the latest attempt to end the years-long Alfa Nero saga. A Russian oligarch abandoned the luxury yacht in Antigua in March 2022, after being sanctioned by the US Treasury. Then tech billionaire Eric Schmidt tried buying it at auction, only to  give up  when the sale became a legal quagmire. 

Meanwhile, the vessel sat in Antigua’s Falmouth Harbour being tended to by a skeleton crew and costing over a $100,000 a month to maintain.

At $40 million, the new Alfa Nero owner will end up paying far less than the $67.6 million that Schmidt, a former Google CEO, had offered last year. Sanctioned Russian fertilizer billionaire Andrey Guryev had originally bought the Alfa Nero in 2014 for $120 million, the US Treasury Department said — which Guryev denies. 

His daughter, Yulia Gurieva-Motlokhov, later stepped forward to claim ownership of the yacht, triggering a legal dispute.

“It’s not worth 40 million, it’s worth way more,” said Richard Higgins, a broker with Northrop & Johnson who represented the undisclosed buyer. “They needed to get the boat sold.”

Higgins said the new owner is European and will likely put the Alfa Nero on the charter market.

The Alfa Nero is among more than a dozen superyachts pinned down in ports around the globe after Russia’s full-scale invasion of Ukraine in 2022 brought a series of economic sanctions against Russian oligarchs. Many of the vessels have been stuck in limbo amid costly legal disputes and racking up maintenance costs.

The Phi superyacht has been moored in London since 2022 while other vessels are stuck in Italy and Spain. There’s also the Amadea, a 348-foot ship with a lobster tank and hand-painted clouds on the dining-room ceiling, which was seized from its alleged oligarch owner in Fiji and now sits in California. Last month, a New York court denied the US government’s request to sell the Amadea, Voice of America  reported .

Alfa Nero’s new owner “is not included in the sanctions list of any country or institution,” Ambassador Sanders said.

The latest attempt to sell the Alfa Nero was brokered through a private contract, the port manager, Darwin Telemaque, said in a phone call. He also declined to name the buyer. Telemaque expects the proceeds will cover the millions of dollars in port fees the Alfa Nero has racked up.

“I am very happy that the ship is no longer the responsibility of the people and the government of Antigua and Barbuda,” he said. 

Latest in Lifestyle

NBA scores $76 billion deal with Amazon, Comcast, and Disney

Disney has successfully averted a strike of thousands of its theme-park workers

Streams of HBO’s political satire Veep quadrupled after President Biden endorsed his VP in the presidential race

‘I will donate the maximum’: Wall Street donors rush to fill Kamala Harris’ campaign coffers

IOC approves creation of Olympic Esports Games

France, Germany, Italy and Spain no longer hold the world’s most powerful passports

Most popular.

Elon Musk denies reported $45 million a month pledge to Trump, says he doesn’t ‘subscribe to cult of personality’

Donald Trump told the Fed not to cut rates before the election—but Wall Street is convinced he won’t get his way

The top Democrats who have not endorsed Kamala Harris all have one thing in common

Restaurants sit half-empty in Turkey this summer as inflation reaches 91% in places sending tourists and locals flocking to neighboring Greece

Ryanair profits nearly halved as the low-cost airline blames its ‘frugal’ customers for booking too many last-minute tickets

Elon Musk says a Trump presidency ‘would be devastating’ to Tesla’s competitors

Who’s the Bo$$? Bruce Springsteen, voice of the working class, is now a billionaire

Bruce Springsteen was already a certified rock god. 

Well, now he’s a certified billionaire too.

New Jersey’s resident working-class hero has made the big Boss move with Forbes “conservatively estimating” him to be worth $1.1 billion.

Now how’s that for going from E Street to Easy Street?

No doubt — he’s certainly come a long way from the same guy who used to tend bar at the Stone Pony club in Asbury Park, New Jersey, that he would make famous. “I wasn’t much of a bartender, but I’d serve up the beers and just have fun with the fans, and just enjoy myself,” Springsteen says in the new book “I Don’t Want to Go Home: The Oral History of the Stone Pony.”

“[My signature] was beer. With a Jack Daniel’s on the side, maybe.”

Clearly, the artist who was once starving for success, until the release of his album “Born To Run” in 1975, can afford to buy the entire state of New Jersey beers and shots of Jack Daniel’s now.

But even after the cash started to flow, Springsteen was never the type to go Hollywood, staying humble and grounded to home — and the “Backstreets” that shaped him.

“I was solvent, which would make me unique in my little neighborhood,” Springsteen said in “Deliver Me From Nowhere,” Warren Zanes’ 2023 book about 1982 LP “Nebraska.”

“So I was dealing with that, with all my very conflicted feelings about being so separate from the people that I’d grown up around and that I wrote about.”

After 20 Grammys, an Oscar, a Kennedy Center Honor, a Presidential Medal of Freedom and induction into both the Rock & Roll Hall of Fame and the Songwriters Hall of Fame, his billionaire status is the latest laurel for the 74-year-old living legend.

Certainly, Springsteen’s bank account got a major cash infusion when he sold his music catalog — featuring hits such as “Dancing in the Dark,” “Brilliant Disguise” and “Streets of Philadelphia” — to Sony in 2021, raking in a lump sum of $500 million.

“Everybody is getting what is in their interest,” his longtime manager, Jon Landau, told Forbes in 2022.

And in 2023, Springsteen’s world tour brought in more big bucks: $380 million, according to Pollstar. 

He’s also become a rock star in real estate, with two lavish properties in Wellington, Florida and a residence in Beverly Hills he bought in 2010, which is now estimated at $15 million.

In 2017, he sold his 6,000 square-feet Rumson, New Jersey, home for $3.2 million. The Georgian-style house, which he bought in 1983, included an outdoor pool and separate guest house.

He purchased his current 368-acre ranch in 1994 and uses it as his primary residence.

His real estate portfolio is a striking difference from his upbringing. Per the Asbury Park Press, his two-family childhood home where he lived from 1955 to 1962 was sold for $255,000 in 2018.

Despite having dough for days, Springsteen is still very much a man of the people. In 2019, he was spotted on the treadmill in Marlboro, New Jersey, at the gym Jersey Strong — at a frugal cost that was then just $9.99. Another fan caught him getting his sweat on at WorkOut World in Tinton Falls, New Jersey — a far cry from Equinox.

And last year the Boss was seen chowing down on the cheap at Roberto’s Freehold Grill, a diner in Freehold, New Jersey. As further proof of the bond of the “Jersey strong,” Springsteen was even rescued by his fellow Jersey bikers when his motorcycle broke down in 2016.

No matter how fancy his digs or fat his pockets have become, for Springsteen it’s all about staying true to his roots as the scruffy Jersey boy who first greeted us from Asbury Park on his debut album in 1973.

“I just still like it here,” he told Variety in 2017. “I think Jersey Shore is a great place to live … I’m still a beach bum so I’ll swim until November. It’s just still a place that we love, man.”

Forty years after he released his biggest album, “Born in the USA,” in June 1984, Springsteen’s career has been on fire again.

While he’s in the midst of a world tour with the E Street Band — where he’s still giving fans all of their money’s worth with three-hour shows — this week his “Sandpaper” duet with Zach Bryan marks the first time that Springsteen has ever landed on the Billboard Hot Country Songs chart . It’s also his first appearance on the overall Hot 100 tally since 2009.

Plus, Jeremy Allen White — the Emmy-winning star of the hit FX series “The Bear” — has been tapped to play the “Born to Run” rocker in an upcoming biopic.

So it’s safe to say that — following his recovery from peptic ulcer disease, which sidelined him from last September until March — Springsteen’s glory days are far from over.

• Election 2024
• Entertainment
• Newsletters
• Photography
• AP Buyline Personal Finance
• AP Buyline Shopping
• Press Releases
• Israel-Hamas War
• Russia-Ukraine War
• Global elections
• Asia Pacific
• Latin America
• Middle East
• Election Results
• Delegate Tracker
• AP & Elections
• 2024 Paris Olympic Games
• Auto Racing
• Movie reviews
• Book reviews
• Financial Markets
• Business Highlights
• Financial wellness
• Artificial Intelligence
• Social Media

Self-exiled Chinese billionaire Guo Wengui convicted of defrauding followers after fleeing to US

FILE - In this courtroom sketch, Guo Wengui, seated center, and his attorney, Tamara Giwa, left, appear in federal court in New York, March 15, 2023. Wengui, a self-exiled Chinese business tycoon whose criticism of the Communist Party won him legions of online followers and powerful friends in the American conservative movement, was convicted by a U.S. jury Tuesday, July 16, 2024 of engaging in a massive multiyear fraud that ripped off some of his most devoted fans. (AP Photo/Elizabeth Williams, File)

• Copy Link copied

NEW YORK (AP) — Guo Wengui, a self-exiled Chinese business tycoon whose criticism of the Communist Party won him legions of online followers and powerful friends in the American conservative movement, was convicted by a U.S. jury Tuesday of engaging in a massive multiyear fraud that ripped off some of his most devoted fans.

Once believed to be among the richest people in China, Guo was arrested in New York in March of 2023 and accused of operating a racketeering enterprise that stretched from 2018 through 2023.

Over a seven-week trial, he was accused of deceiving thousands of people who put money into bogus investments and using the money to preserve a luxurious lifestyle. He was convicted of nine of 12 criminal counts, including racketeering conspiracy.

Guo’s lawyers said prosecutors hadn’t proven he’d cheated anyone. After the verdict, one of his attorneys declined to comment.

In a statement after the verdict, U.S. Attorney Damian Williams said Guo’s interrelated fraud schemes were “all designed to fleece his loyal followers out of their hard-earned money so that Guo could spend his days in his 50,000 square foot mansion, driving his $1 million Lamborghini, or lounging on his $37 million yacht.”

He added: “Thousands of Guo’s online followers were victimized so that Guo could live of a life of excess.”

Guo, who is also known by the name Miles Kwok, left China in 2014 during an anticorruption crackdown that ensnared people close to him, including a top intelligence official.

Chinese authorities accused him of rape, kidnapping, bribery and other crimes, but Guo said those allegations were false and designed to punish him for publicly revealing corruption as he criticized leading figures in the Communist Party.

He applied for political asylum in the U.S., moved to a luxury apartment overlooking Central Park and joined former President Donald Trump’s Mar-a-Lago golf club in Florida.

While living in New York, Guo developed a close relationship with Trump’s onetime political strategist, Steve Bannon. In 2020, the two announced a joint initiative to overthrow the Chinese government.

Prosecutors say hundreds of thousands of people were convinced to invest more than $1 billion in entities Guo controlled. Among those businesses and organizations was Guo’s media company, GTV Media Group Inc., and his so-called Himalaya Farm Alliance and the Himalaya Exchange.

In a closing argument at the trial, Assistant U.S. Attorney Ryan Finkel said Guo “spouted devious lies to trick his followers into giving him money.”

He said Guo made hundreds of broadcasts and videos in which he promised followers that they would not lose money if they invested with him.

“I’m rich. I’ll take care of you,” the prosecutor said Guo told them.

Then, he said, Guo spent millions from investors on a lavish lifestyle for himself and his family that included a $1.1 million tortoise-shell jewelry box and some candlesticks, a million dollar chandelier, $36,000 mattresses, a $40,000 coffee table and a $250,000 antique rug, items kept at a family home in Mahwah, New Jersey.

Defense lawyer Sidhardha Kamaraju told the jury that prosecutors had presented a case “long on rhetoric but short on specifics, long on talk, but short on evidence.”

Kamaraju said Guo was the “founder and face” of a pro-Chinese democracy movement that attracted thousands of political dissidents. Kamaraju urged jurors to think about whether Guo would intentionally cheat his fellow movement members for money. He said prosecutors had failed to prove that “Mr. Guo took a penny with the intent to undermine the political movement he invested so much in.”

The lawyer did not deny that his client lived lavishly, with a luxury apartment that took up an entire floor in Manhattan; a home in Greenwich, Connecticut; a yacht and a jet. But he said prosecutors wanted jurors to take “leaps in logic” to find Guo guilty.

“It’s not a crime to be wealthy,” Kamaraju said. “It is not a crime to live in luxury or to spend money on nice things. It’s not a crime to have a yacht or a jet or to wear nice suits. It may not be our lifestyle. It may be odd. It may even be off-putting to some, but it’s not a crime.”

The prosecutor, Finkel, said everyone agreed that Guo was targeted by China’s Communist Party, but that did not give Guo “a license to rob from these people.”

Finkel said Guo also created a “blacklist” of his enemies and posted their personal information online. When the Securities and Exchange Commission investigated him, Guo organized protests against the agency and claimed that it had been infiltrated by China’s Communist Party. And when a bankruptcy trustee was appointed by a judge to represent Guo’s creditors, Finkel said Guo’s followers protested outside the home of the trustee’s children and outside an elementary school where one of them taught.

• Work & Careers
• Life & Arts

Become an FT subscriber

To read this article for free register now.

Once registered, you can:

• Read free articles
• Get our Editor's Digest and other newsletters
• Follow topics and set up personalised events
• Access Alphaville: our popular markets and finance blog
• Global news & analysis
• Expert opinion
• Special features
• FirstFT newsletter
• Videos & Podcasts
• Android & iOS app
• FT Edit app
• 10 gift articles per month

Explore more offers.

Standard digital.

• FT Digital Edition

Premium Digital

Print + premium digital, ft professional, weekend print + standard digital, weekend print + premium digital.

Then $75 per month. Complete digital access to quality FT journalism. Cancel anytime during your trial.

• Global news & analysis
• Exclusive FT analysis
• FT App on Android & iOS
• FirstFT: the day's biggest stories
• 20+ curated newsletters
• Follow topics & set alerts with myFT
• FT Videos & Podcasts
• 20 monthly gift articles to share
• Lex: FT's flagship investment column
• 15+ Premium newsletters by leading experts
• FT Digital Edition: our digitised print edition
• Weekday Print Edition
• Videos & Podcasts
• Premium newsletters
• 10 additional gift articles per month
• FT Weekend Print delivery
• Everything in Standard Digital
• Everything in Premium Digital

Today's FT newspaper for easy reading on any device. This does not include ft.com or FT App access.

• 10 monthly gift articles to share
• Everything in Print
• Make and share highlights
• FT Workspace
• Markets data widget
• Subscription Manager
• Workflow integrations
• Occasional readers go free
• Volume discount

Essential digital access to quality FT journalism on any device. Pay a year upfront and save 20%.

Terms & Conditions apply

Explore our full range of subscriptions.

Why the ft.

See why over a million readers pay to read the Financial Times.