While Italy is traditionally associated with fine cuisine, high fashion, and fast cars, the true giant of its economy is the yachting industry. Italian shipyards not only produce some of the largest and most luxurious vessels in the world, but Italy also leads in yacht production more than any other country. This sector has brought significant profit to Italy, especially as it remains one of the most attractive destinations for cruising and yacht charters.
The yachting industry achieved an astonishing $30 billion in revenue in 2022. According to Forbes, an Altagamma-Deloitte study on Italian nautical industries showed that this sector grew three times faster than Italy’s GDP between 2012 and 2022. With Ferrari, a recognized brand that generated €5 billion in revenue in 2022 and employs nearly 5,000 people, the yachting industry is far ahead, employing as many as 157,000 people, with at least 55,000 involved in yacht production.
Italian shipyards like Fincantieri, Benetti, and Sanlorenzo build luxury yachts for the wealthiest clients, including prestigious vessels such as Saudi Crown Prince MBS’s Serene, as well as the Ije and Lana yachts built by Benetti. More than half of the industry’s revenue comes from chartering and the use of luxury vessels, while 38% comes from new builds and 3% from refits and renovations.
However, while Italy earns enormous sums thanks to superyachts, there is another side to the story. After seizing several luxury vessels from Russian oligarchs, including Sailing Yacht A, Lady M, Scheherazade, and Lena, Italy had to allocate more than $35 million from the state budget for their maintenance, which has not been met with approval from taxpayers.
