Sky-High Status: The Private Jet Craze Among the Ultra-Wealthy
The New Status Symbol: Flying High with the Ultra Wealthy
In a world where mansions and diamonds are no longer enough, the ultra wealthy have set their sights on a new luxury item: private jets. And it's not just the rich and famous who are splurging on these pricey planes – the "frugal wealthy" class is also joining in on the fun.
According to Blackjet data, there are between 22,000 and 23,000 private jets worldwide, with a whopping 15,000 of them located in the United States. And it's not just the numbers that are soaring – so are the prices. A brand new private jet can cost anywhere from a few million dollars to a staggering $100 million.
But what's driving this trend? For some, it's about convenience and comfort. Maxx Chewning, who sold his sour-candy business Sour Strips to Hershey for a cool $75.5 million in 2024, flew his wife and six friends to Vail on a Dassault Falcon 900 private jet as soon as he could. "The joke is, I had to get a private plane so I could bring my dog," the 35-year-old laughed. Chewning's goldendoodle Dood even got its own leather recliner in the wood-paneled cabin.
Others are using private jets for more practical purposes – like traveling with their furry friends. Tennille Holt and her husband spent $200,000 to fly their eight-year-old cavapoo Hudson from Australia to Los Angeles, rather than subject him to a 14-hour commercial flight. "The goal was to create the freedom to live life on our own terms," Holt explained. "And that includes plenty of travel – with Hudson by our side."
But it's not just about the comfort and convenience – private jets offer a whole new level of luxury. Fine dining, spa treatments, and advanced entertainment systems are all on offer for those who can afford it. Chef Nobu Matsuhisa has even created an exclusive menu for VistaJet passengers, which includes a mouth-watering steamed salmon dry miso dish.
And then there's the ultimate status symbol: owning your own private jet. Kim Kardashian is one of many celebrities who have splurged on their own plane, paying a staggering $150 million for her Gulfstream G650ER, nicknamed "Kim Air". The luxurious jet features cashmere-covered seats, custom light wood finishes, and two bathrooms – not to mention 10 beds and charging points galore.
But it's not just celebrities who are getting in on the action. Canadian rapper Drake's private jet is estimated to be worth a whopping $185 million, complete with a luxurious lounge area, bedroom, and even his own OVO owl symbol emblazoned on the exterior.
So what's driving this trend? For Flexjet chairman Kenn Ricci, it's simple: "It's in vogue to be wealthy." And with the number of millionaires and billionaires growing at an alarming rate – the US added over 1,000 new millionaires every day last year, according to UBS – it's no wonder that private jets are becoming the ultimate status symbol.
As Ricci puts it, "Sometimes we love the rich. Sometimes we hate the rich." But one thing's for sure: flying high with the ultra wealthy is here to stay. And at a price tag of anywhere from $5,000 to $15,000 per flying hour – depending on the size and model of your private jet – it's not just for the 1 percent anymore.
With over 22,000 private jets worldwide, it seems that anyone with a few million dollars to spare can join the ranks of the ultra wealthy. And as Maxx Chewning so aptly put it: "I didn't really care what the price was."
