The fuel, maintenance and repairs, and the salary of the crew working inside a superyacht amount to a large sum of money.
It’s a really expensive vehicle to own as the cost increases over the years depending on the level of maintenance and servicing the yacht requires. Now, you might be getting an idea of how much billionaires like Dangote spend on maintaining their superyacht yearly.
That’s the major reason superyachts are owned mostly by the wealthy. The running cost of this vehicle stretches to over seven figures in dollars.
According to reports, the annual running cost of a superyacht is usually 10% of its initial value. For instance, the running cost of a $500 million yacht is about $50 million.
Depending on the yacht’s size, the maintenance cost ranges between $2.7 to $4.3 million per year for an average-sized yacht of 45 meters. The salary of crew members working in a yacht is about $1 million a year.
Also, yacht owners pay dockage fees and boat insurance, which costs hundreds of thousands of dollars per year. For fuel usage, a 71-meter yacht uses up to 500 litres of diesel per hour.
Based on these figures, a 100-meter superyacht with a top speed of 25 knots and a 50-strong crew would cost around $275 million on average.
That’s the amount of money that would be used to buy several mansions in some of the wealthiest neighbourhoods in Lagos and Abuja, Nigeria.