The Associated Press has reported today that booming commodity prices fueled by Chinese demand, along with some of the world's biggest offshore oil discoveries, have created an expanding, new class of wealthy Brazilians. They, in turn, are boosting the international yacht market even as it suffers in the U.S. and Europe. The number of millionaire households in South America's biggest national is forecast to more than triple by 2020. Their spending, along with that of a newly swollen middle class, has protected Brazil more than any other nation in the region from economic shocks since 2008.
A May report on the geography of wealth from the U.S.-based consulting from Deloitte forecasts that U.S. and European national will remain the global centers for wealthy households during the next decade. Nonetheless, emerging market economies are reportedly likely to prove to be more dynamic in terms of growth rates, creating significant opportunities for wealth managers seeking to gain a share of these potentially lucrative markets. The boom in Brazil's yacht market attests to that growth.
Annual boat sales in Brazil have grown up to 30 percent annually since 2008. Meanwhile, in the more traditional boating markets in the U.S. and Europe, sales of high-end boats have dropped by 70 percent, analysts have reported.
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