Superyachts flaunt their worth with $212m economic boost to New Zealand

New Zealand has set its site firmly on the superyacht sector. A sustained campaign has been underway for about ten years. It’s now seemingly reaping benefits with a significant NZ$212m (£99m) being cited as a direct result of the high-cost vessels carrying high-net-worth individuals. And that was just for the 2023/4 season.

A new report commissioned by NZ Marine and conducted by Market Economics Limited, highlights superyachts’ role in marine and tourism industries.

Fifty-six superyachts were recorded in New Zealand during the 2023/2024 season, each spending an average of NZ$3.8m across a range of services.

They’re permitted to stay in the country for up to 24 months, allowing them to take advantage of zero-rated GST on refit services. And thus, approximately 90 per cent of the expenditure outlined, or NZ$190 million, was directly within the marine industry on maintenance, refit, and berthage, and the remaining NZ$22 million was on living expenses and tourism throughout NZ by the crew and owners, to the benefit of the broader NZ economy, says the report.

“The superyacht refit business is a big part of New Zealand’s NZ$3 billion marine industry and has huge growth potential, as the 56 superyachts visiting represent a fraction of the world’s superyacht fleet,” says NZ Marine executive director, Peter Busfield.

“With more than 1,300 marine business and over 500 apprentices through the Marine & Specialised Technology Training Academy (MAST), the marine industry continues to be a major manufacturing sector in New Zealand and through ongoing innovation and training has further potential to grow.”

Investments in superyacht facilities in Northland, Auckland and the Bay of Plenty have also expanded New Zealand’s capacity for refit, maintenance and berthage. Infrastructure is now in place to handle a 50 per cent increase on the existing number of superyacht arrivals, says NZ Marine, over the next four years. That means it’s looking for approximately 70 in the 2025/6 season.

There are still ongoing opportunities for market growth, particularly in the superyacht charter market, with New Zealand eyeing up high-end tourism. In fact, NZ Marine is collaborating with other South Pacific countries to promote the full package.

“In 2018 the superyacht-representing bodies of New Zealand, Australia, Fiji and Tahiti met and agreed that a visiting yacht from Europe or USA was likely to visit several countries when sailing in the South Pacific. It was the offerings of all the South Pacific countries that made a voyage so varied, enjoyable and compelling,” says Busfield.

“Since then, the South Pacific Superyacht Accord have been promoting (with success) the South Pacific as a total region, in addition to each countries special points of difference. The Accord often exhibits together at international shows and has also successfully gained each respective government to be superyacht welcoming and with friendly rules – such as yachts able to visit each country for 24 months and to be able to, at the same time, charter the vessel out. This means a vessel can bounce between each country for up to two years in each and stay in the South Pacific forever!”

NZ Marine (which represents the country’s marine industry) has focused on attracting superyachts to cruise within the country, with six editions of Destination and Cruising New Zealand released since 2014. The organisation’s just debuted its 2025/6 guidebook in Barcelona and is busily promoting the country as a cruising and service destination to anyone who’ll listen across the world.

Main image courtesy of Jeff Brown.