Even at the youth America's Cup there is a vast difference between the haves and have nots.
The Red Bull youth event, which starts today with two fleet races, is a new initiative introduced for this America's Cup to fill in the void in racing in between the Louis Vuitton Challenger series and Cup match.
With a strict nationality rule in place the youth races will provide the only true country v country competition in this regatta, returning to the Cup's origins as being a "friendly competition between nations".
In the past 15 years the America's Cup proper has become less and less a nation-on-nation battle, but a battle of money and resources as the event became hijacked by billionaires. While the youth regatta is seen as a refreshing return to a more "pure" competition, it is still very much a battle of resources.
The favourites to take out the inaugural event - Peter Burling's NZL sailing team with Emirates Team New Zealand, Objective Australia, skippered by Jason Waterhouse (no, not those Waterhouses), and Sweden's Artemis Racing - are teams that have strong financial backing from their home yacht clubs and are in some cases aligned with America's Cup syndicates.