Among other perks, the benefits of owning a private jet include the ability to travel on one’s own schedule, the ability to travel to more remote destinations, and the increased privacy and comfort that comes with flying on a private jet.
The disadvantages of owning a private jet include the high cost of purchase, the high cost of operation, and the environmental impact of flying on a private jet.
But who can afford to own a private jet in 2023?
In this guide we explore just how wealthy (or not) you really have to be to own one of these flying penthouses in the sky.
Are you ready to experience new heights of luxury, comfort, and efficiency?
How Rich Must Someone Be to Own A Private Jet
Turns out, not as wealthy as you might have thought, but you’ll still need to be well off. The cost of private jet ownership has gone down in some key areas, with the popularity of these aircrafts on the rise, and more used jets on the market to choose from.
There are also many different financing options available for private jet ownership. You can purchase a jet outright, enter into a share agreement, or lease a jet. There are also a number of different jet card programs that offer private jet travel at a fixed price.
How Rich Should You Be To Own A Private Jet – a look at the numbers
It all starts with purchasing an airplane, which, depending on its size and configuration, may cost anywhere from $3 million to upwards of $90 million.
Our estimates find that annual operating costs—including repairs, gasoline, and pilot salaries—could reach $1 million.
Amount of Money
How much money does a normal person with a private plane have?
As may be expected, a private jet owner’s average net worth rises proportionally with the size of their plane. In general, buying, maintaining, and operating a bigger plane will cost more money.
A good illustration is the fact that bigger planes nearly usually use more fuel than their smaller counterparts. A larger plane has higher storage, personnel, and maintenance costs than a smaller one. Long-range operations also need the employment of heavier aircraft. Because of this, the overall cost of the mission will be higher than it would be with a less expensive aircraft.
Therefore, the wealth of those who possess private jets rises in proportion to the size of their planes.
How Rich You Need to Be to Own a BIG Luxurious Top-of-the-line Jet
The typical owner of large luxury private jet has a net worth between $60 million and $70 million. The average wealth of owners of midrange and super-midsize aircraft is around $120 million.
In terms of size and top-of-the-line features, The Bombardier Global 7500 and Gulfstream G700 both rank among the most cutting-edge airplanes in existence right now, and are a good representative example of the top-of-the-line private jets that someone with $60-$120 million in net worth might own outright.
Owning a private jet is a good idea if you can check off any of the following boxes:
For the rest of us, chartering makes a lot more sense from a cost-budget perspective.
Is Owning a Private Jet Worth it: depends on your net worth, use, and goals/needs
On-demand charters are the most practical option for infrequent fliers. In this case, jet cards are the best option. However, private jet ownership might make sense for people who fly more than 300 hours per year, either as a person or a business.
Of course, there are many factors to consider before deciding whether or not ownership is the best option for you. However, owning and running your own plane is a practical option for those who can afford it. Being the owner of a private aircraft has several advantages, including increased convenience, dependability, prestige, and peace of mind.
Loading Widget...
