Billionaires have a new way to one-up wealthy neighbors: Buy a bigger yacht. Such jumbo boats confer "bragging rights,” one expert says. "No question, that’s a very strong part of the motivation.” And competition is riding a new crest: Four times as many superyachts, all more than 80 feet long, were being built last year than 10 years ago, the New York Times reports.
“People want more toys to play with," one builder said. "That’s something that drives it." A 328-foot yacht costs $230 million, while a 500-footer can run you $650 million. The world’s longest yacht is now under construction for a secret owner. Insiders say the boat will run 531.5 feet, beating out the ruler of Dubai's 525-foot, 11,600-ton giant.