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When it comes to glamorous locales, St.-Tropez is at the top of the list: Since the 1960s, it’s been the place to be for celebrities and jet-setters alike, thanks to its picturesque streets, intoxicating nightlife, and crystal-clear waters.
Although its lavish hotels are a sight to behold, the real seen-and-be-seen spot is on one of the colossal yachts docked off the Côte d’Azur. Leonardo DiCaprio, Tobey Maguire, Rihanna, Beyoncé, Jay-Z, and Ivanka Trump are just a few of the mega stars who’ve been spotted partying it up in “billionaires’ harbor” the past couple of years. But, reportedly, the seaside town may be in troubled waters. It seems that the super rich just aren’t that into it anymore—revenue at St.-Tropez’s marina fell by 30 percent since the beginning of the year.
Why? Some blame France’s strict enforcement of EU regulations and higher costs, which are driving boaters right into the bays Italy and Spain, which offer similarly stylish resort towns at a fraction of the price. In an open letter, three French Riviera politicians begged French president Emmanuel Macron for the “urgent harmonization of tax and social regulations at the European level.”
“Refueling a 42-meter yacht in Italy (instead of France) gives a saving of nearly €21,000 [around $25,000] a week because of the difference in tax . . . while the additional cost of maintaining a seven-person crew in France is €300,000 [around $356,000] a year,” they said.
Yes, it’s strange that the .0001 percent is turned off by cost. But lest one forget, most yacht owners became billionaires (or at least, multi-multi-multi-millionaires) by being incredibly business savvy. And if there’s anything that is Economics 101, it’s a cost-benefit analysis.
But it’s not just the uber rich’s bank accounts at stake here. The yachting industry supplies tens of thousands of jobs to the region and a decline in traffic means a decline in work.
Looks like St.-Tropez really does miss the boats.