One of the many stresses of being a billionaire is the difficulty in choosing between purchasing a yacht or an island.

Happily, designers this week unveiled plans for a "moving island" that renders the conundrum redundant.

Designs for the WHY 58x38 were unveiled at the Abu Dhabi yacht show this week.

The vessel is the result of a collaboration between Monaco yacht brand Wally and Parisian fashion house Hermès.

"Everybody's dream is to live on an island, in complete freedom, without constraint, with the independence that only self sufficiency can provide," said Wally's president, Luca Bassani Antivari.

"A piece of land with a beautiful villa partly fulfils this aspiration because it is static. A yacht offers the freedom to move, but does not have the space of a property. WHY has it all."

The motor yacht is, as the name suggests, 58 metres long and 38 metres wide, providing a total guest surface area of 3,400sq metres, and weighs in at 2,400 tonnes.

It boasts a maximum speed of 14 knots, and a price tag, when built, of $160 million. Upon completion the yacht will be capable of catering for up to 12 guests, enjoying 280sq metres of space each – perfect for an intimate getaway.

Its dozen passengers, attended by a crew of 20, will be able to congregate across three floors, consisting of the "master space", "guest space" and "common space".

The 200sq metre master area covers the entire third floor, while the guest space, incorporating five bedrooms, spans the second tier.

The common space, at the bottom of the ship, has a 25-metre swimming pool, cinema, music room, dining room, and what the designers call "a perfect 30m beach".

Although work is yet to begin on the WHY its website does boast a snazzy promotional video – featuring a scale wooden model .

"I love the sea," said Antivari, "and so I also love all of the different ways to enjoy the sea, whether by sail boat or by motorboat.

"Being an extremist, when I sail, I like to be both comfortable and sail at speed. If I'm on a motorboat then I want it to be the fastest. If I'm on a comfortable boat, then it has to be the most comfortable."

In addition to comfort, the craft's creators are keen that their yacht is environmentally friendly, and anticipate the yacht generating 500kw of solar energy a day through 900sq metres of photovoltaic panels covering its roof and hull.

According to the designers, the WHY should use far less energy than a yacht of the same size, saving up to 200 tonnes of diesel per year. Frugal fuel consumption will enable it to cross the Atlantic four times without refuelling, according to the designers.