The world's most prestigous yacht race, The America's Cup, which is only raced between nations, was won by New Zealand in 1995 when 'Black Magic' defeated 'Young America' skippered by Dennis Connor.

In 1999/2000 challengers from eleven yacht clubs representing seven countries entered the Louis Vuitton Cup in Auckland New Zealand to decide who should challenge for the America's Cup. The Prada team from the Punta Ala Yacht Club in Italy, with a budget in excess of US$50 million won the right to challenge with their yacht Luna Rosa. They were beaten by the defender, Team New Zealand, with a budget of US$20 million, 5-0 in the best of seven series.