Luxury yacht firm says booming amid economic woes

AMSTERDAM (Reuters) - Billionaires splashing out on luxury yachts means the market for high-end ships continues to grow despite economic woes, Dutch maritime engineering firm Imtech said on Monday.

Imtech said it recently won orders worth 96 million euros ($141 million) from owners and shipyards in the Netherlands, Germany, Russia, the United States and the United Arab Emirates.

"There's no impact whatsoever from the economic situation," Imtech spokesman Pieter Koenders said.

"On the contrary, all the shipyards are full, there's enormous demand."

The number of wealthy individuals is rapidly rising across the globe, with the total pool of wealth -- defined as investible assets of at least $1 million held by an individual -- standing at $37.2 trillion at the end of 2006.

Soaring commodity prices and the widening gap between rich and poor in emerging economies are creating ever more millionaires, typically big spenders on luxury items such as vintage yachts, art, cars and jewelry.

"There are more and more billionaires, and every billionaire has one or two luxury yachts," Koenders said.

"It's a very attractive market."

Imtech said it will for instance supply energy-efficient drives as well as navigation and communication systems for a refit of an old Dutch navy frigate that is being converted into a 141-metre (462 ft) luxury yacht after being sold to the United Arab Emirates.