How Much Do You Need To Make To Own A Private Jet?

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So, you finally came into some money, and after getting your hands on a supercar or hypercar, you’re thinking about the next big purchase. The world of the affluent is filled with limitless opportunities. You might have already explored your fair share of destination holiday homes you could acquire, one in sunny Monaco and another in some peaceful countryside in Japan. However, while discovering these destinations has been enjoyable, and you’ve finally settled on one (let’s say Monaco), the issue of transport is quickly becoming apparent. Sure, you may be flying first class whenever you visit. But in a world where everything is at your fingertips, wouldn’t flying private be more your style?

Many people consider getting a private jet, whether they are established in life with a staggering, steady income or just starting out. But the question arises: how much do you actually need to earn to own a private jet? Like many machines today, private jets are as varied as they are unique. Thus, when considering one, you must take into account several factors such as range, size, features, and model. A cheaper option might cost you as little as $2 million, while the more expensive ones will set you back about $110 million. If you want to go all out, however, crafts like the Boeing 747-8i, considered the world’s largest private jet, are valued at $500 million. Beyond the initial purchase, you’ll also need to factor in maintenance and operating costs, usually between $500,000 and $1 million a year. When it’s all said and done, you’ll require a median net worth of roughly between $140 and $190 million to comfortably own a private jet. Here’s why.

You can outright buy a private jet or consider fractional ownership

Four private jets parked on the runway at sunset

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If you’re considering purchasing a private jet, chances are you travel frequently. It may be for business purposes, or you simply enjoy spending time in the air. Nonetheless, you’ve decided to acquire a private jet. You’ve explored all possible options for ownership, from outright purchasing one and calling it your own to choosing fractional ownership, which technically still makes you a private jet owner, along with several other individuals who share the same aircraft. Like with many of these high-end machines, such as yachts and superyachts, there are usually hefty ongoing costs that you should consider when and after making your purchase.

The first, of course, is the fuel used for the aircraft. Fuel is arguably one of the most essential aspects of any machine, and the price is not particularly friendly for private jets. Factors such as market price, the size of your jet, and the hours you will spend in the sky will all determine the amount you will pay for fuel. Spending $1,100 for a small jet flying for an hour may not seem excessive. However, consider that flying 200 hours a year could cost you about $220,000. Naturally, this price increases with larger jets, with some owners paying as much as $540,000 annually on fuel.

It’s all about convenience

A man in a blue jacket looking through a private jet window

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Alongside fuel are repair and maintenance costs meant to ensure your aircraft is in working condition whenever you need to travel. Most private jet buyers buy them because of the convenience of having a jet ready whenever they need to travel. This convenience will be hampered if the plane has maintenance issues and cannot be cleared to fly. Like fuel costs, repair and maintenance costs vary with a few factors, including market value and availability of plane parts, and the labor to inspect and repair the craft. Expect to pay thousands of dollars every year to keep your private jet in acceptable working condition. You’ll also need a professional crew, from the pilot to a stewardess, while flying, because it’s all about convenience. In the U.S., the average private jet pilot earns around $130,000 a year, while a flight attendant earns roughly half that amount. These are all payments that you will have to shoulder.

Lastly, you must consider the jet’s insurance and hangar fees. Depending on the coverage and aircraft use, insurance can cost as much as $500,000 a year, while hangarage costs might be as much as $3,000 a month.