Yacht Crew Salaries EXPOSED: How Much You REALLY Make at Sea
Wages Are Flat, Costs Are Rising—Here’s How to Get Ahead
Dear yachtie mates,
This week we’re gonna ruffle some feathers. Let me start out by saying that I am in no way ungrateful for the opportunities that this industry provides and am personally very happy with my earnings on my current vessel. However, numbers don’t lie and facts are facts. Let’s investigate:
For the past 15 years, yacht crew salaries have remained largely stagnant. While the industry still offers attractive earnings—especially given the lack of real-world expenses like rent, food, and, in some cases, taxes—the reality is that wages have not kept up with inflation. One major reason? The supply of crew has outgrown demand, thanks in part to exposure from shows like Below Deck and social media influencers glamorising the industry.
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Superyacht Crew Salary Breakdown (in USD)
Using data from the Dockwalk 2023 Salary Guide and Quay Crew’s 2024 Salary Survey, here’s a look at the average monthly earnings across various positions onboard:
Deck Department
Captain: $9,000 - $30,000+ (based on yacht size)
Chief Officer/First Mate: $5,000 - $12,000
Second Officer: $4,000 - $8,000+
Bosun: $3,500 - $8,000
Deckhand: $3,000 - $4,500
Engineering Department
Chief Engineer: $6,000 - $16,000+
Second Engineer: $5,000 - $9,000
Interior Department
Chief Steward/Stewardess: $5,000 - $10,000
Steward/Stewardess: $3,000 - $4,500
The Wage Stagnation Issue
Despite these seemingly strong numbers, wages in the industry have remained relatively flat over the years. Inflation has steadily increased, meaning that while salaries may not have technically decreased, their purchasing power has eroded. This makes it even more crucial for yacht crew to think beyond just their monthly pay-checks and plan strategically for their financial future.
Based on the above data- I have created a chart to visually illustrate our wages vs the rising cost of inflation:
Not looking too Gucci now is it?
The Investment Imperative
While these salaries still look solid on paper, the lack of real wage growth means yacht crew cannot rely solely on their earnings to stay ahead of inflation. Smart financial planning—investing in stocks, real estate, or other appreciating assets—is essential to ensure long-term financial security. Unlike many land-based careers that offer pension plans/401(k)s/social security (for the Americans), yachties must take full ownership of their financial future.
What Can You Do?
Start Investing Early – The earlier you start, the more you benefit from compound interest. Even small amounts invested consistently can grow into significant wealth over time. (Read: Investing 101)
Diversify Income Streams – Don’t rely solely on your salary. Consider freelancing, investing in dividend-paying stocks, or launching a small side business that can generate passive income. (Read: Side Hustle Ideas)
Consider Long-Term Assets – Owning property, contributing to retirement accounts, and investing in diversified index funds can help you build wealth outside of yachting. (Read: Property Investing for Yacht Crew)
Leverage Tax-Free Investment Vehicles – Depending on your residency status, take advantage of tax-efficient investment options like Roth IRAs, offshore investment accounts, or tax-free savings bonds. (Read: Tax Free Investments for South Africans)
Create an Exit Strategy – Yachting is a physically demanding career with a limited timeframe. Set clear financial goals for when and how you plan to transition to land-based work. (Read: Calculate Your Freedom Number Article)
Educate Yourself – Financial literacy is crucial. Read books, follow finance blogs, and stay informed about investment opportunities. (Read: Anchored in Knowledge: Resources for Yacht Crew)
Automate Your Savings – Set up automatic transfers to an investment account so you're consistently building wealth without having to think about it.
Negotiate Your Salary - IF YOU DON’T ASK YOU WON’T KNOW! Now this one might be daunting for some. Ensure you have some leverage (whether that’s longevity on board or a specialised skill-set the boat can’t do without) and negotiate a raise. Whether it’s 5% or 50%- it won’t hurt to ask. (Ask me!)
Final Thoughts
The yachting industry still provides an incredible opportunity to earn, save, and invest. However, the days of ever-increasing salaries appear to be behind us. To thrive, crew members must take proactive steps toward financial independence. By implementing smart financial strategies now, you can ensure that your years at sea set you up for a secure and prosperous future.
Want to learn more? Stay subscribed to The Yachting Investor for more insights on building long-term wealth as a yachtie.
Buoy’s , Balance & Banter
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Good Read of the Week
📖 Book: Meditations- Marcus Aurelius
A collection of personal reflections and philosophical insights from the Roman emperor, centered on Stoic principles. Written as a private journal, it emphasizes self-discipline, resilience, and the acceptance of fate. Aurelius reflects on virtue, mortality, and the transient nature of life, offering timeless wisdom on how to live with purpose and inner peace despite external chaos.
Words to Live By
💡 Quote: “You have power over your mind—not outside events. Realise this, and you will find strength.” - Marcus Aurelius
(A classic Stoic reminder to focus on what you can control.)
Just for Laughs
😂 Video:
RICH AF Podcast Coming Soon
Brilliantly written so informative and eye opening.