How Much Does It Cost to Own A Private Jet

How Much Does It Cost to Own A Private Jet

Owning a private jet is serious business, private jets are for the ultra high net-worth individuals. The typical global jet owner is 63.6 years old, with an average net worth of $US1.66 billion and an average liquidity of US$195.5 million, 98% of private jet owners are predominantly male, and most of them are self made billionaires while some acquired their fortunes through inheritance. Jet owners spend about 1.0% of their net worth on private aircraft, with an average value of US$16.4 million per plane.

Before buying a private jet some key factors you have to consider are the make and models of the plane, what is the size of the jet, can it suit your needs? Private jets can be small turboprops or light jets, midsize or super-midsize jets, heavy jets or luxury executive airliners. Then you’d also have to consider how many hours it can fly and the distance it can cover. Small planes need to stop and refuel on longer trips, which adds cost and travel time. On the other hand, larger planes are expensive to operate if your typical flight time is short.

Then you wanna consider if you want to buy a new or used jet, a brand new Cessna Citation M2, a light jet that seats seven, costs about $4.5 million at base price; the Learjet 75, a popular midsize jet that seats nine, costs about $13.5 million; and the ultra-luxurious Gulfstream G650, a heavy jet that seats up to 10, has a base price of $64.5 million. If a buyer plans on traveling with more passengers than that, the 17-seat Bombardier Global 6000 costs $60.5 million.

And this prices are for the base models, if wanted the planes customized the prices could skyrocket into tens of millions of dollars. For instance if you wanted the interiors to be redesigned to your taste and standard, then you could spend an additional 50-100 million dollars for that upgrade. So now you’ve made your choice and finally acquired the Jet of your dreams. Then you enter the next stage, which is the life of a private jet owner.

But you see, Keeping a private plane on hand is a costly business that even the mega wealthy may not indulge in. 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 $1.5 billion.
Regardless of where and how frequently you intend to fly, jet owners are faced with substantial ongoing expenses.

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