Super-rich fuelling growing demand for private jets, report finds

(The Guardian, 27 Oct 2019) Growth centred in US and China, with slowdown in Sweden attributed to Greta Thunberg.

Almost 8,000 new private jets are expected to be bought by multinational companies and the super-rich over the next decade, each of which will burn 40 times as much carbon per passenger as regular commercial flights, according to a report by aviation firm Honeywell Aerospace.

About 690 new business jets are expected to take to the skies in 2019, a 9% increase on 2018, as businesses and the wealthy refresh their fleets with new models released by three of the world’s biggest private jet manufacturers.

Despite their huge carbon footprint, demand for new private jets is expected to continue to grow next year, according to the report. Over the next decade, the number of new private jets taking to the skies is expected to total 7,600 – costing buyers a combined $248bn (£193bn).

One-fifth of the new jets is expected to be ordered by “super-emitter” celebrities and other members of the richest 1% of the population, who use the planes to fly between their homes in the world’s most desirable locations. The jets are also bought by big companies to ferry executives across the world. There are currently more than 4,600 private jets operating.

“It is the introduction of many new aircraft models at the same time, with new clean streamline designs, that is driving demand for new private jets,” Gaetan Handfield, senior manager of marketing analysis at Honeywell Aerospace and author of the report said. “People like to have the newest and best jets.”

Handfield said a new range of jets produced by Bombardier, Gulfstream and Cessna are proving popular with buyers, as they have extended range that can allow executives to fly as far as New York to Beijing non-stop. Larger cabins also allow more luxurious conditions. “They have really big cabins, with four-to-five zones so you can have a bedroom, a place for crew to rest, a place to work, a dining area and a place for entertainment,” he said.

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The Guardian, 27 Oct 2019: Super-rich fuelling growing demand for private jets, report finds