Much of the growth in private aviation can be found in the explosion of on-demand chartering, membership programs and fractional ownership taking off around the world, with these options seeking to solve the travel needs of the world’s wealthiest and business leaders.
According to JetNet, within the largest 10 markets for private aviation there are around 17,000 (16,854) privately owned aircraft registered.
The US makes up for the largest proportion, accounting for 75% of private jet ownership amongst the top 10 markets. This has grown 34% from 2006 to 2016 to reach 12,717. However, Wealth-X estimate that the population of ultra high net worth (UHNWIs defined as those with $30M+ net worth) individuals in the US grew faster at 46% over the same period, reaching 73,000 individuals in 2016.
Owning is clearly not a necessity for the vast majority of the super wealthy. Even in the fastest growing and developing economies, jet ownership isn’t de rigueur. For example, China achieved the highest growth in private aviation ownership out of the top 10 markets, with a 347% increase over the 10-year period, comparing to an UHNW population growth of 840%.
This report delves into this world to understand the private flying solutions the UHNW individuals and business elite use to get from A to B efficiently and in privacy. It also explores why these choices are made and how each option seeks to answer the needs of this select audience.