BEND, Ore. (CNN/Money) - As captain of the 150-foot private yacht Noble House, Chris Andreason spends summers sailing between Mediterranean hot spots and winters cruising in the Caribbean.

The job not only puts the 37-year-old Brit at the helm of a multimillion-dollar dream machine, it makes hosting lavish dock-side parties, eating in the best restaurants, and hobnobbing with the rich, the famous and the beautiful all part of an honest day's work.

And the pay isn't bad either. "A captain of a luxury yacht makes $150,000 to $200,000 a year tax-free," said Mark Fry, president of International Yachtmaster Training in Ft. Lauderdale, Fla., and a former captain of more than 20 years. "And everything is paid for, including your food, your holidays, sometimes use of the owner's private jet. Even your toothpaste is paid for."

By Fry's estimate, there are about 10,000 mega-yachts in the world, each measuring anywhere from 100 feet to 300 feet in length and carrying an average sticker price of $15 million. Although Americans own the majority of these yachts, most are flagged and incorporated in the Cayman Islands, which provides a haven from taxes, as well as an old maritime law that allows American ships to be commandeered during times of war.

The captain and crew of Noble House.

Running a yacht of this size calls for a dedicated crew of at least six. Andreason currently oversees eight crewmembers, though that number will increase to eleven when his employer, an unnamed American, upgrades to a 174-foot yacht this fall.

Until this year, captains of private yachts needed little more than the right experience and contacts to command a ship. Now the International Maritime Organization requires that captains complete specific coursework before they take the helm. Most aspiring captains start as deck-hands and work their way up the ranks while taking classes in the off-season at schools like the one run by Fry. But Andreason's early experience was slightly different.

After spending more than 10 years in the British Royal Navy and three years as a ski instructor in the French Alps, he started his private yachting career in 1995 as chief mate, or second-in-command, of a 250-foot converted tugboat. "This boat had everything -- a lap pool, jet skis, even a helicopter," he said.

To be successful in this industry, which operates largely on word of mouth, a captain and his crew must keep all details of the boat's owners and guests confidential. Loose lips really do sink ships when your guests are trying to escape the paparazzi.

Chris Andreason takes time out for tuna fishing.

Polished social skills are also a key part of the job description. "A lot of the time it's most important that you know your chardonnays and your champagnes," said Fry, adding that he's heard of owners sending their captains to different ports of call to scope out the best restaurants and bars before making the trip with guests.

Finally, captain and crew must be willing to work all hours of the day. As long as there are guests on board, there is no such thing as 9 to 5. "Last night at 20 minutes to 10 [p.m.], while we were tied up in St. Tropez [France], the guests asked if we could sail to Sardinia. We sailed all night and arrived at noon today," said Andreason, who spends 48 weeks of the year on the boat.

Despite its perks, this all-expenses-paid trip around the world can take its toll after a few years. "Most of the captains retire in their late 30s or early 40s," said Fry. "You don't have time to have a family in this business, which is why most of the captains are single or in a relationship with someone working on the boat."

Still, Andreason says he wouldn't think of changing jobs for at least another five years. At that point, he might look to work on a boat that is docked off the southern coast of France or Spain for most of the year.

"Right now there's nothing else I want to do," he said. In fact, he dislikes his job "only when the wind is blowing at 50 knots."