Superyacht elite sink $3 billion a year into money-burning boats

Of all the toys a billionaire’s money can buy, none is as decadent as a superyacht.

Frequently exceeding the length of a football field, the vessels are hugely expensive upfront, can cost tens of millions in annual upkeep, come with a crater-size carbon footprint and almost never go up in value. Yet the ultra-wealthy are sinking more and more into these floating palaces.

Taken together the 25 most valuable superyachts are worth more than $7.5 billion, according to the valuation service VesselsValue. 

Customers bought nearly 300 superyachts so far this year through mid-October, up from a total of 249 vessels