( CNN ) -- For the billionaire who has everything , sometimes a superyacht just is n't enough -- that 's why the world 's wealthiest are buying `` gigayachts . '' These boats are the ultimate status symbol -- a sign of eminence , power and a seemingly limitless supply of cash . And when it comes to showing off wealth and status it seems the rule is `` the bigger the better . '' `` There 's definitely a 'mine is bigger than yours ' syndrome in this industry and there is a desire to have the best . That 's the great thing about these yachts , '' said Jonathan Beckett , CEO of Burgess Yachts , one of the world 's leading yacht brokers . `` When you get up to 'gigayacht ' status , it is all about the best and these people are used to having exceptional possessions around them all the time , '' Beckett continued . Although the term `` gigayacht '' is not new , it is becoming increasingly prevalent as owners seek bigger and better yachts . `` There is no standard definition of what a gigayacht is , '' says Paul Ashton , editor of SuperYacht World . `` A gigayacht I would say is anything that is over 220 feet ( 67 meters ) where the majority of the yacht is customized and bespoke . '' Their owners are part of a small but illustrious set that includes Russian oligarchs , Saudi royalty and international business tycoons . China 's super rich eye superyachts . The yacht to beat is currently Roman Abramovich 's `` Eclipse . '' The largest private yacht in the world at 163 meters long , `` Eclipse '' is believed to feature around 24 guest cabins , two swimming pools and a mini-submarine , and was rumored to have cost between $ 540 million and $ 1.1 billion . Although not all gigayachts come with that pricetag , Ashton says the standard measure is around â‚¬1 million ( $ 1.36 million ) per meter of length . `` That works to a certain extent , but you also have to take into consideration which yard it is made in and the bespoke details involved , '' he said . While that pricing means gigayachts are strictly for the super rich , you get a lot of bang for your bucks , Beckett explained : `` There is nothing standard when it comes to this area of our market . But if you are purchasing a superyacht you would want a vessel that was transglobal and you 'd want a reasonable speed . `` You 'd probably want at least two helicopter platforms , so you can land your own helicopter and visitors can also land theirs , cinemas , hospitals , spas , large entertainments areas and hairdressing salons . `` These vessels have anything from 80 to 120 people onboard including the crew , so it 's a little town . '' P. Diddy sails on $ 850,000-a-week superyacht controlled by iPad . But it 's not all about status . The trend towards bigger yachts is due in part to new technological advances in the yachting industry as well as the changing lifestyles of gigayacht owners , says Becket . `` Going back to when I first started in the business , yachting used to be a form of camping almost , '' he said . `` Nowadays , people are moving aboard their yachts and using them as a second home . `` Instead of going for one or two weeks , people will move onboard for the whole summer , '' he said . The world 's second-largest gigayacht , the `` Dubai , '' is a perfect example of this , says Ashton . Owned by Sheikh Mohammed bin Rashid Al Maktoum , the ruler of the Emirate of Dubai and Prime Minister of the U.A.E , the `` Dubai '' is a working boat as well as a holiday yacht . `` There is room onboard for all of the crew , but there are also 20-30 cabins for clerical and support staff that you need when you 're running your business from onboard , '' said Ashton . But the financial crisis means even gigayacht owners are having to spend smarter , says Beckett . `` We 've got a whole new market landscape . No one 's looking to pay a strong price for a yacht , as they were pre-2008 , '' he said . `` Then it did n't matter how much you paid , it was cool to pay top price , now it matters a lot . In today 's market it is cool to be paying a low price . '' But , says Beckett , this does n't mean superyacht owners are going to scrimp on luxury . `` Oh no , they want it all , '' he said . `` There is no compromise , except on the price . ''
They are seen by some as the ultimate status symbol . ` ` There 's a ' mine 's bigger than yours ' syndrome , ` ` - yacht ##sman - Beckett . Roman Abramovich 's Eclipse is 200 meters long - the biggest yacht in the world . People using gigayachts as a second home , says Beckett .