In Evan Osnos’s exploration of the ultra-rich through his book “The Haves and Have-Yachts,” the complexities of extreme wealth come into sharp focus, illustrated famously by Jeff Bezos’s colossal superyacht, Koru. At 127 metres long, the yacht’s dimensions not only symbolise affluence but also highlight a peculiar saga—Koru was deemed too tall to pass beneath Rotterdam’s Koningshaven Bridge. In a striking display of priorities, while manufacturers suggested modifying the iconic bridge, Dutch authorities categorically refused, underscoring a growing notion of entitlement among the ultra-wealthy. This narrative serves as a microcosm of modern inequality, where the powerful often operate under a different set of rules.

The financial landscape of the United States tells a remarkable story of wealth accumulation. The number of billionaires in the U.S. has skyrocketed from just 66 in 1990 to over 700 by 2023, reflecting a staggering increase of more than 1,000%. Alongside this, the count of yachts exceeding 76 metres has surged from fewer than ten to over 170, all while median hourly wages have only seen a modest 20% rise. Such a disparity suggests that the disparities are not merely economic but also seep into societal and political realms. As Osnos notes, “the world watched America embrace plutocracy without shame or pretence,” with figures like Elon Musk and Mark Zuckerberg standing as testimonials to this burgeoning influence, reshaping political dynamics.

Osnos’s analysis opens a window to the lifestyle choices of the very wealthy, revealing a world where the extravagance of superyachts has become almost normative. One yacht owner encapsulated this sentiment by declaring that living on land in luxury has become passé; on yachts, the ratio of staff to guests offers a new level of opulence. The superyacht experience is now akin to the palatial estates of yore, yet they are mobile, echoing a desire for both privacy and a detachment from broader societal issues. This fluidity also resonates with the sentiments of venture capitalist Peter Thiel, who has backed initiatives like the Seasteading Institute, aimed at creating floating micro-nations as a means of escaping political structures entirely.

Today’s superyachts are not merely vessels; they are floating fortresses equipped with luxurious amenities unimaginable mere decades ago. Furthermore, features such as IMAX theatres, ski rooms for alpine escapes, and sophisticated medical facilities exemplify the lengths to which the wealthy will go to maintain their privileged lifestyle even amidst a global pandemic. This preference for isolation hints at a historical parallel with Thorstein Veblen’s theory of “conspicuous consumption,” where ostentatious displays of wealth become a point of status rather than practicality. The modern yacht, with its capacity for deliveries of gourmet foodto luxuries like private submarines, reflects this logic.

However, while the allure of superyachts persists, owning one comes with its challenges. Financial commentators liken yacht ownership to holding on to multiple Van Gogh paintings while treading water, implying a severe devaluation of these assets over time. Yet, as Veblen recognised, this depreciation might paradoxically serve the purpose of signalling wealth. For many, the act of owning such extravagant vessels is less about investment and more about a narrative of dominance and desensitised luxury amid a world grappling with stark inequalities.

In summary, Osnos’s examination thrusts the reader into a world where the ultra-rich navigate their privileges amongst growing societal inequalities— a reflective lens on modernity’s evolving expressions of wealth. The staggering contrasts in income distribution and the extraordinary lifestyles of the super-wealthy pose significant questions about the future of society and the persistent allure of conspicuous wealth.

Reference Map:

Source: Noah Wire Services