However, freed from the shackles of political posturing, Mr Obama opted to use this year’s address to target the ‘one-percenters’, planning to tax the wealthiest as part of a redistribution of wealth strategy. “Let’s close the loopholes that lead to inequality by allowing the top one per cent to avoid paying taxes on their accumulated wealth”, he said.
By attempting to rein in the top echelon of earners, as part of his ‘middle class economics’ strategy, Mr Obama can expect to invite the ire of the superyacht industry.
However, American owners remain a key market driver. Not only does the country possess more UHNWIs than any other on earth, but the nation’s affinity with yachting, which is absent in other pools of ultra-wealth, provides a slowly moving conveyor belt of potential clients.
Speaking to SuperyachtNews.com after Mr Obama’s address, Arcadia Yachts CEO Ugo Pellegrino said the company was investing “heavily” in the US. “They continue to grow very fast and the US dollar is very low, which are big advantages for us, as sellers, not buyers.”
In years gone by, it would be hard to believe that the dollar and the euro could achieve parity. But in 2015, the prospect is not so fantastical; the dollar has continued its relentless march against the euro and shows no signs of abating, as the progress chart provided by Currencies Direct demonstrates.
The impact of increased US spending on both new build and sales markets will be included in The Superyacht Intelligence Annual Report 2015, the most comprehensive source of insight and analysis of the state of the industry. To reserve your copy please email Charles Finney.