Sailing yachts, depending on their rigging, are classified as sloops, ketch, or schooners. These include: the “vintage yacht,” built before 1950 and restored without significant modifications to its original features (rigging, hull); the “classic yacht,” built in wood before 1970-1975 and restored without significant modifications, or sometimes even flexible wooden constructions according to period plans. Motor yachts are characterized by their propeller or jet propulsion. They are also distinguished by the hull’s water displacement profile.

The term luxury yacht is defined as a yacht generally 24 meters or more, offering exceptional luxury, usually with a professional crew. Also known as a “superyacht,” “megayacht,” or even “gigayacht,” a luxury yacht can be either a sailboat or a motorboat. The term originated in the early 20th century when wealthy men had large private yachts built for their personal pleasure. [ref. needed]

Ten or twenty years ago, the number of luxury yachts increased with the arrival of nouveau riche individuals such as Russians, Saudis, and those who were wealthy during the dot-com bubble. Now, Indian and Chinese billionaires are also beginning to acquire luxury yachts.