The rich are getting richer — and they're fueling a private jet boom
Private jet demand is booming, and aircraft manufacturers can't keep pace. Even used jets are disappearing from the market.
There's been a wealth boom, especially among the already-rich, as more companies go public and the stock market hits record highs. Analysts say many newly listed companies are buying their first company jets.
In the United States, business jet take-offs and landings are up 40% year-over-year. They're at their highest point since before the 2008 financial crisis, partly driven by the pandemic as big companies expanded private jet privileges for their top executives.
But the market is attracting individuals too, whether they're executives, start-up founders or lucky crypto investors with their first hundred million looking for a new toy with a high price tag.
"Demand in this industry has been really off the scale. I've been in the industry for 23 years, and I've never seen anything like it," Ian Moore, chief commercial officer of VistaJet, told CNBC.
The demand for private air travel has grown so much, along with the global supply chain crunch, that some customers are turning to the used jet market.
Even then, the supply of second-hand private jets is near record lows.
Watch the video above to learn more about what's fueling the private jet shortage.