Azzam holds the title of largest privately owned superyacht, a position it has maintained since it was completed at a cost of $600 million by Lürssen Yachts in Lemwerder, Germany, ten years ago.
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The reason lays in regulation.Once a vessel carries more than 12 passengers, even if it is being used as a private yacht, it is considered to be a passenger ship and has to comply with the SOLAS convention (Safety of Life at Sea) set out by the IMO (International Maritime Organization).
In short, if a yacht carries more than 12 passengers, irrespective of whether payment is made, the vessel is considered a 'Passenger Ship' which puts it into a different category from standard luxury yachts. A 'Passenger Ship' must be SOLAS compliant, which requires rigorous testing, training, and surveying (and cost).