Keeping a private plane on hand is a costly business that even the mega wealthy may not indulge in.
According to new research, the cost of owning and maintaining a private jet is so great that the estimated mean average wealth of such a person is calculated at around US$1.5 billion. Much less than that and the numbers simply don’t stack up.
For example, a long range Falcon 2000DX is estimated to cost around US$40 million, and that’s only the upfront purchase price. This has led to the rise of alternative models such as a membership programme, fractional ownership or buying by the hour.
It doesn’t matter if you are seat 1A in first class, as you will still have to be processed through security. Ultra-High Net Worth individuals (those with more than US$30 million in assets) are not comfortable to wait around, according to the survey, and appreciate that they can drive right up and fly at a moment’s notice.
Other perceived savings come in the form of purchasing and booking time as well as the logic that private aviation can save time if the final destination is near a smaller airfield.