The world is in turmoil as energy prices pressure millions, but in Monaco and at the most magical event in the yachting world, things are as usual. This week, luxury yachts valued at nearly $3.8 billion gathered in the blue waters of the small European principality at the 31st annual Monaco Yacht Show. Johan Bezardini, Head of Communications and Media at the show, told CNN Travel on the eve of the grand finale of the four-day event: "All the boats are here," as about 118 luxury yachts were on display at Port Hercules. The show was especially dedicated to the luxury yacht market, as every year, during normal times, an estimated 30,000 people descend upon this small country located on the Mediterranean Riviera to witness the stunning display of some of the largest and most expensive luxury yachts in the world gathered in one place. Despite global problems and turmoil, there are about 40 new luxury yachts this year, including the massive AHPO yacht standing 115.1 meters tall, the largest luxury yacht ever displayed here, alongside some huge yachts like the 62-meter CRN from the Italian shipyard CRN and Kinda from Tankoa Yachts, which is 50 meters tall. This reflects a growing trend that developed notably during the pandemic, as Bob Denison, President and Founder of Fort Lauderdale-based brokerage Denison Yachting, which has four boats on display at the show, told CNN Travel: "The [pandemic] inspired people who had always been thinking about buying a yacht; they were popping up out of nowhere and buying a 60-meter yacht. We are still seeing a lot of that, and I think that's something that will continue." Bezardini also noted a change in the attitudes of potential luxury yacht buyers as a result of the global pandemic. And although there is no doubt that sanctions imposed on Russia due to its invasion of Ukraine, which resulted in the temporary freezing of some of the largest and most expensive mega yachts in the world, had some impact on the industry, demand remains very strong.