Saudi's Deputy Crown Prince Mohammed bin Salman bought a $554 million yacht before pushing through drastic austerity measures slashing public spending in the country.
The high-ranking royal chose to keep a Russian tycoon's 440ft ship while on holiday in the south of France, the Independent and the New York Times reported.
Earlier this year it was revealed that Saudi Arabia's capital spending had dropped by 71 percent in 2016, and Prince Mohammed has frozen government contracts.
Part of the government reform measures include cutting ministers' pay by 20 percent.
Prince Mohammed earlier this year unveiled the Saudi 2030 plan, which puts forth a series of reforms to keep the country afloat as oil prices have dropped to historic lows.
