Steve VarsanoFounder at The Jet Business

Do ultra high net-worth individuals own private jets?

Name: Do ultra high net-worth individuals own private jets?
Uploaded: 2023-08-16T17:03:11+00:00
Duration: 46 s
Channel: Steve Varsano
Description: Ultra-high net-worth individuals, defined as people with over $30 million, don't necessarily own private jets. Many billionaires still fly economy…

16 Aug 2023 · 1 min

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Ultra-high net-worth individuals, defined as people with over $30 million, don't necessarily own private jets. Many billionaires still fly economy because they don't see the value. Corporations, though, often need dedicated aircraft to visit plants and customers globally.

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There are 530,000 people in the world who are worth more than $30 million, and that is what they call an ultra-high net worth individual. So all the banks or investment bankers, if you're worth more than $30 million, you're an ultra-high net worth individual. And even if you have all that money, it doesn't mean that you have the mindset to actually spend the money for a private jet. You can have somebody worth a billion, and I see them all the time, and they'll fly in economy or go on EasyJet. They just don't think, you know, it's wise to spend that money on first class or renting or buying a corporate jet from But companies really need these airplanes to operate their businesses. That airplane is needed to go see different plants and factories and go visit customers all around the world. And it's hard for somebody who is not in that world to understand it, but really that's the way it works.