Here's The Average Net Worth Of People Who Own A Private Jet

A trip to the airport isn't exactly everyone's favorite pastime. The rush to get there on time so you don't miss your flight, combined with the long lines, and potentially getting stopped at TSA because you forgot to empty your water bottle before going through security, can all make for somewhat of a stressful experience. Then there's also the common airport mistake of not packing food for your trip and having to pay for overpriced food at your gate which can definitely be a burden on your pocket. Even though there are some simple ways to save money when flying, if they had the option, many would probably avoid the airport altogether if they could afford to fly on a private plane instead.

Unfortunately, flying private is a luxury that is only available to the ultra wealthy. According to Stratos Jets, a private jet rental company, the cost per hour of booking a private flight can range anywhere from $2,000-$10,000 an hour depending on how many people you're flying with and where you intend to go. That being said, it certainly makes one wonder if it would be more affordable for someone who is ultra wealthy to just buy a private plane and hire a pilot instead if they're going to be using that method of transportation on a frequent basis. But how rich do you actually have to be in order to afford this luxury? Let's take a look at the facts to find out.

Your own private jet that can be used to transport you all over the world whenever you choose, a luxury that most can only dream of. But how much does it actually cost to buy one in the first place? Well, it largely depends on your preference of plane. On the cheaper end, buying a used private jet is going to cost you a starting price of somewhere between $3 million to $5 million dollars. However, as mentioned, these are only the starting prices, and depending on the size of the used plane as well as other features and amenities it certainly can cost more.

Now on the more expensive side, for those really looking to ball out on their new mode of transportation, the best of the best, brand new private jets can range anywhere from $75 million to $110 million. Unfortunately, as if that wasn't pricey enough, the expenses don't stop there. Once you've bought your new or used private jet, you're going to have to pay somewhere in the ballpark of $1 million a year just for maintenance, fuel, and labor costs (because obviously you have to hire a pilot unless you know how to fly it yourself.) Insurance for your private jet alone can range anywhere from $10,000 to $500,000 annually as well. But that being said, how rich do you actually need to be in order to afford this?

A report was published in 2023 by the Institute of Policy Studies alongside Patriotic Millionaires, an activist group, which uncovered the average net worth of full and fractional private jet owners. For those unfamiliar (and it's understandable if you are, as most of us don't have enough money to even consider this option), fractional ownership refers to someone that buys partial shares of a private jet which allow them to fly a certain amount of hours annually. Anyways, in the findings of the aforementioned report, they uncovered that on average, the average net worth for full and fractional private jet owners was individually $140 million and $190 million.

These high-net-worth individuals represent approximately 0.0008% of the entire world population, making it clear that in order to afford this luxury, you have to be within an astronomically small percentage of global wealth earners to do so. That being said, the majority of these private jet owners are males over the age of 50 in industries like finance, real estate, and banking, which are careers that can be very lucrative at high levels. All in all, it goes without saying, but in order to afford owning a private jet and keeping up with the cost of yearly maintenance, fuel, and labor, you undoubtedly have to be extremely rich.