- Private jet use has become more popular than ever. But who are the owners of the luxury aircraft?
- Members of the "jet-owning oligarchy" have a median net worth of $190 million, a new report says.
When the pandemic shut down commercial travel, it triggered a private aviation boom. The number of US-based business jet flights hit a record high in 2022, per FAA data.
But as Insider previously reported, flying private isn't for the mere millionaires among us. The cheapest private jets list around $3 million while maintenance, fuel, and labor costs easily rack up to over $1 million a year. In 2022 alone, there were over 3,000 private jet transactions totaling $34.1 billion.
So who are the mysterious owners of these luxurious aircraft? According to the 2023 High Flyers report — from The Institute for Policy Studies research center and the progressive activist group, Patriotic Millionaires — private jet owners represent .0008% of the world's population.
The report describes typical private jet owners as "overwhelmingly male," North American, and over the age of 50. Typically they work in banking, finance, or real estate, the report said, noting that the industry has seen a wave of younger, first-time buyers in recent years.
In addition to owning an aircraft outright, wealthy travelers can fly private through fractional jet ownership, membership programs, and on-demand chartering.
Full private jet owners have a median net worth of $190 million while fractional jet owners have a median net worth of $140 million, the report says, citing data from Credit Suisse and Wealth-X.
It's a profile closely mirrored by billionaire Elon Musk, who the report describes as "one of the most prolific private jet users in the country" due to his frequent and closely-monitored flight activity. But beyond tech moguls and celebrities like Kylie Jenner and Taylor Swift, members of the so-called jet-owning oligarchy can obscure their identities through complicated private trust structures.
Are you a flight attendant or pilot who works on private jets? Email this reporter at htowey@insider.com