Want your own private jet? Owning a private jet is a significant upfront and ongoing investment, and most billionaires can't even afford it.
See also: I'm a Millionaire — 3 Ways to Maintain a Frugal Lifestyle to Stay That Way
Read more: 6 genius things all wealthy people do with their money
According to the 2023 High Flyers Report, published by the Institute for Policy Research's research center and the activist group Patriotic Billionaires, the median net worth of jet owners is $190 million, compared to fractional ownership. The median net worth of people is $140 million.
The report states that the typical private jet owner is “overwhelmingly male,” North American, and over 50 years old. They also work in the banking, finance and real estate sectors, which the report also notes have recently seen a shift towards younger people. People who buy time.
Purchasing a private jet, even a used one, can cost between $3 million and $75 million, Simple Flying reports. Maintenance, fuel and labor costs can add up to an additional $1 million or more per year. Depending on the airport where the plane is based, hangars can cost between $81,000 and $160,000 a year, and even simple repairs like a flat tire can cost him between $1,000 and $2,000. Simple Flying added that private jets also require regular inspections, which can cost thousands of dollars.
Private jet insurance is also required and can cost between $10,000 and $500,000 per year. Fuel isn't cheap either. When flying 500 hours a year, the average jet uses about 3,500 gallons of fuel. This can add up to $17,500 per year.
According to The Street, a new Embraer Phenom 100 costs an average of $4.5 million, while Airbus corporate jets and Boeing business jets sell for about $440 million. Buying used can save you a lot of money upfront, but Clay Lacy Aviation also covers fuel and maintenance costs, optional and required upgrades, warranties and subscription renewals, and the costs that new aircraft require. They say they are likely to incur additional costs and lose any savings they may have. Street reported.
GOBankingRates Details
This article originally appeared on GOBankingRates.com: How wealthy do you have to be to own a private jet?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Source link