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Forbes Survey of 40 Billionaires Shows That the Private Jet Is Considered the Most Essential Luxury Item, Surpassing Yachts, Cars, Mansions, and Even Art, for Providing Freedom and Time
billionaires live surrounded by extravagance. From Picasso artworks to yachts with cinemas, spas, and even submarines, to space travel and exclusive concerts, the world of trillion-dollar fortunes is defined by excess. However, even with access to almost everything, there is one luxury they consider truly indispensable: the private jet.
The Essential Luxury for the Super-Rich
This finding comes from a survey conducted by Forbes, which interviewed 40 billionaires from around the world to discover which luxury item is essential in their lives. The most recurring response, cited by 12 of them, was the private jet.
After jets, came phones, luxury cars, second homes, and even air conditioning. Two respondents, with a sense of humor, mentioned their wives as their greatest luxury.
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Luciano Hang revealed that Havan’s air fleet has already accumulated more than 20,000 landings, 10,000 flight hours, and 6 million kilometers traveled, and he says that without the planes, the company would never have grown so quickly.
Charles Koch, president of Koch Inc. and owner of a fortune of US$ 67.5 billion, wrote: “Liz for 57 years!”. Stephen Smith, founder of First National Financial in Canada, highlighted his passion for heli-skiing.
Others pointed out something more intangible: “privacy.” This response summarizes well what drives many billionaires to purchase a private jet — the freedom to go and come without interruptions or curious gazes.
Time, the Most Valuable Resource
Flying in a private jet is, above all, a way to save time. Commercial flights require lengthy travel to airports, long security lines, and potential delays. A jet, on the other hand, can be ready in minutes.
Additionally, it offers flexibility. Texas, for example, has 389 public airports, but only 25 of them are commercial.
This means that executives can land much closer to their destinations, saving precious hours of travel.
Billionaire David Hoffmann, who invests in luxury transport and real estate, confirms: “We have a large number of locations, and it would be impossible to reach them all without a private jet.”
Based in Florida, Hoffmann manages businesses spread across cities like San Diego, Minneapolis, and Seattle.
Connections That Do Not Exist
For some, the need for a jet arises from logistical difficulties. Albanian businessman Samir Mane, the first billionaire from his country, explains that air transport in the region is limited. “I bought a jet because we do not have good connections to many of the countries where we operate,” he says.
According to him, a trip from Tirana to Sarajevo takes only 20 minutes on his jet, but could consume an entire day on commercial flights. “If I were in London, Frankfurt, or Vienna, I wouldn’t need a jet,” he states.
Hugh Chatham, vice president of the aircraft brokerage CFS Jets, summarizes the reasoning: “Many of these companies would struggle to operate if their executives could not participate in meetings across the country on the same day.”
Or, as investor Larry Connor put it: “It’s not a luxury; it’s a business tool.”
The Cost of Flying in Freedom
Private jets also appear as the most expensive assets for many billionaires. Four respondents mentioned them as their priciest purchases.
Despite depreciating by 5% to 10% per year, the value of used jets doubled during the pandemic and remains high.
Currently, a simple used jet may cost around US$ 1 million, while luxury models like Bombardier’s Global 7500 can reach US$ 75 million. New versions can exceed US$ 80 million.
The Global 7500 offers four separate cabin zones for work, dining, resting, and leisure. Brothers Lorenzo and Frank Fertitta own one of these models, acquired in 2020, valued at around US$ 55 million each.
Other billionaires go further and purchase modified commercial planes. Roman Abramovich acquired a Boeing 787-8 Dreamliner in 2018 for about US$ 350 million.
Luxury or Necessity?
Not all jets represent pure glamour. “There is a certain stigma attached to owning a private plane,” says Chatham.
“Often, it’s not as luxurious as it appears. These executives travel cramped for two or three hours just to save time and money.”
But luxury comes with a hidden cost: the loss of privacy. Apps like FlightAware allow tracking of any flight, and many billionaires consider this an invasion.
To protect themselves, some turn to intermediary companies and register their aircraft in the names of various subsidiaries.
New Shared Usage Models
Not everyone opts for full ownership. Fractional ownership — when the buyer purchases only a part of the plane — has become a popular alternative. In this model, the owner has the right to a specific number of flight hours per year.
Hoffmann states that he uses both privately-owned and fractional aircraft: “Our demand for flights is very high.” Other billionaires prefer subscription models, paying monthly or annually to access entire fleets.
Samir Mane, for example, recently sold his used Citation XLS+, which he purchased for US$ 10.8 million and resold for US$ 11.8 million. Even so, he did not give up comfort: “Now, I use Vista and NetJets.”
For billionaires, the private jet is not just a status symbol. It is the means by which they control the one resource that money cannot buy: time.
With information from Forbes.
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