The name says it all.

Think big then imagine it even bigger – then add champagne, diamonds and caviar. These yachts are elegant and exclusive, and the property of some of the world’s richest people.

A superyacht, alternatively known as mega yacht or luxury yacht is defined as a cruising craft – motor or sailing – of more than 24m (80ft) in length. Traditionally their cruising grounds are the Mediterranean, the Caribbean and the United States but these areas are expanding as more and more yachts are launched. You will now find yachts cruising the Scandinavian fjords, the Alaskan coastline, Thailand, Indonesia, New Zealand and eastern Australia.

As well as the initial outlay to purchase a vessel of this kind, it costs roughly between 10% and 15% of the yacht’s value to maintain and crew her each year. If you wanted a brief taste of life as a guest onboard one of these superyachts, charter prices range from £10,000 ($20,000) to £125,000 ($300,000) or more a day for one of the larger yachts.

A superyacht does not reach gigayacht status until it exceeds 300ft. Currently the largest yacht in the world is over 550 feet plus.