Jersey superyacht market ‘in growth’

20 October 2021 by Nic Robinson - Boat International

Jersey's superyacht industry is growing, driven by an increasing number of younger settlers making the island their home, one local expert has told BOAT Business.

Jersey’s population is growing younger as a new wave of wealthy residents move to the area after making their fortunes in industries such as the tech sector as well as hedge funds, private equity and property, said Matt Ruane who heads Cecil Wright & Partners’ Jersey office.

While the population consisted of mostly over 60s in the past, who would move to the island to retire, the tide was beginning to turn as more under 60s looked to the self-governing state and tax haven to live and work from.

“The dynamic certainly has changed in that the average age of people moving over is decreasing,” said Ruane.

“We’re seeing a lot more younger entrepreneurs and I think about 70% of wealthy residents now moving to Jersey, of which there are about 20–25 each year, are now under 60 years old.”

Jersey’s population has consistently grown over the past three decades, rising from 88,900 in 2001 to 107,800 in 2019, according to local government figures.

Where a traditionally older population would look to retire on Jersey and spend most of their time on land, younger incomers sought make a home on Jersey but also travel and pursue experiences such as yacht ownership and charter.

“I’ve not traditionally dealt with Jersey customers in the past, my regime usually sees me in London and Monaco,” said Ruane.