When you think about private jets, you probably fall into one of 2 categories: Either you don’t know how costly it is to own and operate a jet or you do know and don’t know how anybody could spend so much to fly privately.
If you’re the former, here are the facts.
The cost of a new jet will range from $3 million to $90 million or more. The world’s most expensive private jet belongs to Saudi Prince Al-Waleed bin Talal. This $500 million aircraft includes a two-car garage, a stable for horses and camels, and a prayer room that rotates so it always faces Mecca.
But the cost to purchase a jet isn’t the real money drain. Operating and maintaining it will set you back $700,000 to $4 million per year.
Although most jet owners purchase used models, the cost puts private ownership out of the range of most but the smallest fraction of the world’s richest people – and some large corporations. But as the economy has improved, so has the aviation business. The industry is growing though - at about 2% per year - but still remains down about 5% from pre-recession levels.