They already drive flashy cars, wear expensive watches and eat at top-end restaurants. Now rich Chinese businessmen have found a new way to flaunt their wealth – luxury boats.

“They want to go out on the ocean and have fun — and take VIP clients to fish and negotiate deals,” said Zheng Weihang, secretary general of the China Cruise and Yacht Industry Association.

With the second-largest number of dollar billionaires in the world after the United States, according to Forbes magazine, China is drawing eager foreign marina developers and boatmakers to its shores to tap the fast-growing market.

China currently has around 1,000 luxury powerboats and yachts moored around the country, and the number is expected to balloon to more than 10,000 over the next five years, Zheng told AFP.

Luxury yachts that whisk their millionaire owners or charter guests to the world’s top beauty spots, guzzling gallons of fuel on the way, have long scraped the bottom of the green league tables.

But as superyachts converged on the Riviera for this year’s 20th Monaco Yacht Show, a small but determined minority were flying the green flag as the ever expanding fleet of mega yachts seeks to reduce its carbon footprint.

Paolo Moretti, who heads the yachting division of Italy’s ship certification body RINA, told AFP interest in environmental topics has spiked in the yachting sector over the last five years.

“Luxury yachts have big budgets but owners now not only want to excel in terms of comfort and luxury but also in environmental sustainability,” he said.

At 289 ft., the amazing Maltese Falcon is the world’s largest, best designed, and most expensive sailing yacht – for now.

Its builder Perini Navi is now hard at work on a much larger sailing megayacht, a 335-ft. craft dubbed the C.2157, James Spotting reports.

Similar is styling to the Maltese, the 335-footer also has three enormous self- standing, rotating masts masts and will be equipped with an even more impressive version of Perini Navi’s revolutionary carbon fibre DynaRig sailing system.

Topping the Maltese’s 15 sails and 25,791 sq. ft. sail area, the 335 will be capable of a maximum speed of 19.5 knots despite its impressive size.

The newest cruiser that joins the fleet of luxury yachts is the ‘Orchid’. It’s most striking aspect is its intelligent design layout and the accommodation she offers for a yacht of her size.

Designed by famous yacht designer Luiz de Basto and the German shipyard Lurssen Yachts, the 88-meter Orchid motor yacht features a reduced number of cabins for the yacht of her size.

The megayacht accommodates just eight guests, with large windows in the four staterooms to take in the view.

The designer and builder have kept the number down to increase the amount of space devoted to saloons, dining areas, alfresco spaces, and other entertainment and relaxation areas that everyone can use.

Yacht maker Benetti and Fendi Casa, the home-furnishing brand of fashion house Fendi, have collaborated to produce Lady Lara, the 194-foot custom megayacht.

Fendi Casa – under the direction of interior design firm Studio Massari – has provided the furnishings for Lady Lara, which Benetti delivered last summer.

The glamorous touch has been achieved by the use of warm colours, as well as incorporation of gold, silver and mother of pearls.

Hermes is exiting a luxury yacht joint venture with shipbuilder Wally, saying it is not experienced enough to complete the project according to Reuters.

The two partners had unveiled a full-sized model of their mega yacht, “WHY”, in Monte Carlo in September.

“We are currently in the phase of carrying out the project, which is technically complex and which requires on-the-spot decisions.”