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These Are The Destinations That The Super Rich Are Flying To On Their Private Jets

Courtesy of ZeroHedge. View original post here.

Private jets are exclusive modes of transportation that are growing increasingly popular with the world's super-rich, according to Bloomberg. And they're being used to go everywhere, from the Bahamas, Puerto Rico and the Cayman Islands.

Flights on private jets were up about 10% last year and flights to the islands in the Americas numbered almost 30,000. This helped make the islands in the Americas the number one destination for non-commercial aviation.

Knight Frank partner Alasdair Pritchard said: “Private jets are the path of least resistance for travel. If you can afford it and then experience it, you wouldn’t go back.”

Private jets remain one of the "trophy assets" for the super rich, in addition to super-yachts, that can have price tags up to $50 million. Maintaining and managing a private jet can be "almost as expensive as buying one," between fuel costs and a team needed to manage the aircraft. 

More than 66% of arrivals to the Bahamas originated in the U.S. or Canada. With Miami and the U.S. mainland just an hour away, the proximity of private flight origins in the Bahamas highlights how the rich like to use private jets for short trips. In Europe, they are used similarly, where aircraft often land in places like Mallorca, Ibiza and Sardinia – the three most popular island destinations for private jets. 

Joe Stadler, head of ultra-high-net-worth clients at UBS Group AG, said:

 “All the people who fly private tell me they wouldn’t from London to Hong Kong. To do that one-day trip, they will go private. Increasing use of private jets is a function of how crowded public airports are now. The more crowded they are, the more delays there are, and the more cumbersome it is to fly from A to Z.”

The Philippines, Maldives and Bali marked the top destinations in the Asia Pacific region. That region saw private aircraft arrives rise more than 80%, indicative of the wealth boom in China, a country that minted a new billionaire every other day.

The super rich buy private jets not only for convenience, but also for privacy. Oprah Winfrey said that she bought a jet after a fan had confronted her at an airport. For those not willing to buy, they can still own part of a jet or acquire timeshares through companies like VistaJet and NetJets. About 33% of those who own private jets are worth more than $500 million. 

Recall, in March of this year, we wrote about how some private jet managers were scamming the ultra rich out of millions by charging them for services they didn't need and food they didn't eat.  


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