Super Yacht

A friend in the US recently asked me if everyone in Hong Kong is rich.  The answer to that is definitely no.  With sky-high property values, high food costs, and low wages for hourly workers (the city just implemented a very controversial minimum wage – about $4/hour in US dollars), it can be a tough place for ordinary local people to make ends meet.  About 20% live below the poverty line (I can’t quite discern what that is, but one news paper article cited an example of a 3-person household earning about $1,000 US per month); nearly 50% of Hong Kong locals live in some form of subsidized or public housing.

At the same time, Hong Kong has a larger than normal share of extraordinarily rich people – like beyond-my-wildest-imagination rich.  And here, and in Mainland China, the general attitude is “if you’ve got it, flaunt it...and flaunt it very publicly."  (On a related note, here is a link to a recent, fascinating Wall Street Journal article that gives additional insight to the Chinese consumer.)  High-end fashion, cars, and jewelry are usual favorite methods of displaying a person's monied existance.  Over three years we’ve become almost numb to the ostentatious shows.

But every once in a while, a tycoon can still capture the community’s (and our) attention with a completely over-the-top purchase. This happened last week when a shipping magnate docked his brand-new “super yacht” in Deep Water Bay - just off of Hong Kong Island.  It cost an astounding $15 million US and took eight years to build.  I have to admit, when I heard about it, I rolled my eyes - I’m not sure what I’d do if I had a spare $15 million sitting around, but I’m pretty sure that it wouldn’t be used to buy a boat!

Anyway, we were out on a boat ride yesterday (not the $15 million variety) with a group of friends and cruised through Deep Water Bay. We found ourselves gawking at the space-age, militaristic looking yacht.  Check it out:

This morning there was an article in the paper about the yacht’s owner.  He lamented about how having the boat built was long and “there’s been so many disappointments along the way…[it’s a] relief to have the boat finally here.”  Oh, the tribulations and stresses that the super-rich must encounter!  We should count ourselves lucky that we'll never have such worries!