Rafa De Miguel has a vaguely unsettling El País piece on the rapid rise of the private aviation market. Particularly interesting now that private jet jamboree COP28 has opened for business.
The unstoppable rise of private aviation
More than 23,000 private jets transport 0.0008% of the world’s population faster than commercial flights. Every year about 600 new aircraft are added to an already booming business. The industry’s contribution to climate change and the risk of investment bubbles are the shadowy side of a sector that turns over more than $38 billion a year.
If luxury is mostly to do with exclusivity and enjoying what is forbidden to others, the ultimate privilege would be a time machine. “We sell something that is not for sale to ordinary mortals: time. It’s a commodity that is difficult to trade. We are a time machine. I can get the manager of an investment fund, from their villa on the coast to their home six hours faster than it would take to take a commercial flight. And if that option cost you $15,000 more than it would cost to take your entire family on a scheduled flight, you’d choose it without blinking.”
The whole piece is well worth reading as another insight into global elites and aspiring elites. As for climate change, if they haven't already, these are the people likely to claim they are saving the planet by adopting sustainable fuels.
In Farnborough, where it has its tactical control center, Flexjet has also set up the Red Label Academy. It is a culinary laboratory, a kind of finishing school for the cabin crew to learn good manners and the rules of etiquette. Leading the project is Francesco Vanerio, vice president for customer experience. Throughout his professional career he held positions of responsibility in top-flight hotels and restaurants around the world. The culmination of that career trajectory came when he attained the position of Bar Manager at Villa D’Este, the palace on the shores of Lake Como, in northern Italy. The resort symbolizes all the luxury and refinement to which the rich and powerful can aspire. “That’s where I met Flexjet president Kenn Ricci. The rest is history,” explains Vanerio...
Flexjet operates under the shared ownership economic model (fractional ownership, as it is known in the United States). The owner — the company never calls them customers — purchases a fraction of the aircraft (typically 1/16) and earns a minimum of 50 flight hours per year, with no option to terminate the contract for the first three years. The advance payment, with no refunds, is just over $2 million.
More than 23,000 private jets transport 0.0008% of the world’s population faster than commercial flights. Every year about 600 new aircraft are added to an already booming business. The industry’s contribution to climate change and the risk of investment bubbles are the shadowy side of a sector that turns over more than $38 billion a year.
If luxury is mostly to do with exclusivity and enjoying what is forbidden to others, the ultimate privilege would be a time machine. “We sell something that is not for sale to ordinary mortals: time. It’s a commodity that is difficult to trade. We are a time machine. I can get the manager of an investment fund, from their villa on the coast to their home six hours faster than it would take to take a commercial flight. And if that option cost you $15,000 more than it would cost to take your entire family on a scheduled flight, you’d choose it without blinking.”
The whole piece is well worth reading as another insight into global elites and aspiring elites. As for climate change, if they haven't already, these are the people likely to claim they are saving the planet by adopting sustainable fuels.
In Farnborough, where it has its tactical control center, Flexjet has also set up the Red Label Academy. It is a culinary laboratory, a kind of finishing school for the cabin crew to learn good manners and the rules of etiquette. Leading the project is Francesco Vanerio, vice president for customer experience. Throughout his professional career he held positions of responsibility in top-flight hotels and restaurants around the world. The culmination of that career trajectory came when he attained the position of Bar Manager at Villa D’Este, the palace on the shores of Lake Como, in northern Italy. The resort symbolizes all the luxury and refinement to which the rich and powerful can aspire. “That’s where I met Flexjet president Kenn Ricci. The rest is history,” explains Vanerio...
Flexjet operates under the shared ownership economic model (fractional ownership, as it is known in the United States). The owner — the company never calls them customers — purchases a fraction of the aircraft (typically 1/16) and earns a minimum of 50 flight hours per year, with no option to terminate the contract for the first three years. The advance payment, with no refunds, is just over $2 million.
3 comments:
You never hear of Just Stop Oil attempting to prevent or delay private jets, which is strange. Perhaps it's a bit easier to take on South London mums on the school run than it is to mess with private security.
Could we not wait for all the private jets to be in the air en route to COP28 and then close the airports and turn off the landing lights?
Sam - yes, I'm sure people notice their marked preference for soft targets.
DJ - good idea, we could blame the wind. "Sorry chaps, wind dropped and there isn't enough power for you to land. Good luck."
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