Mumbai: The market for high-end personal vessels continues to grow at a rapid pace despite sign of a global economic slowdown, Dutch maritime engineering firm Imtech has said.

Imtech reported recent orders worth €96 million ($141 million) from both individuals and shipyards in the Netherlands, Germany, Russia, the United States and the United Arab Emirate as billionaires shifted attention to luxury yachts.

With the widening gap between rich and poor in emerging economies creating ever more millionaires, the total pool of wealth - investible assets of at least $1 million held by an individual - stood at $37.2 trillion at the end of 2006.

These billionaires are typically big spenders on luxury items such as vintage yachts, art, cars and jewellery.

"There's no impact whatsoever from the economic situation," Imtech spokesman Pieter Koenders said.

"There are more and more billionaires, and every billionaire has one or two luxury yachts," Koenders said, adding, "It's a very attractive market."

Imtech said it is currently refitting an old Dutch navy frigate to convert it into a 141-metre  luxury yacht for a customer in the United Arab Emirates.

Imtech said it has also won orders from the Dutch Feadship Shipyard, the German Nobiskrug Shipyard in Rendsburg, the Moscow Shipyard and the Delta Marine Shipyard in Seattle.

Imtech, which is also into construction, infrastructure and telecom sectors, has annual revenues of €3 billion.