Sales of Private Jumbo Jets From Boeing 747s to Airbus A380s Are Soaring - The Wealth Report - WSJ
Rohit Khare stashed this in TRAVELMAN
European aerospace concern Airbus delivered 15 VIP jets with a total book value of $1.5 billion–and took orders for eight more, mostly to operators outside the U.S. The deliveries and orders include widebodies such as the A340, which can seat either 295 commercial passengers or one Saudi prince.
Boeing delivered 12 VIP jets last year and has four new orders.
The Chicago jet maker has a half-dozen Boeing 747-8s–with a list price of $317 million each–on backlog for private customers ordered by six customers. The company says a dozen Boeing 787s also are scheduled to be sold to super jet-setters.
The main reason to become a billionaire is to buy your own jet. And political power. But mostly a jet.
Nothing says "I'm filthy stinking rich" like buying your own PERSONAL 747.
Number of people who own their own jet (instead of fractional jet ownership) is under 100, right?
“It’s great to have a nice home. It’s great to have nice homes! It’s great to have a nice home that just escaped the fire in Santa Barbara,” she told the students. “It’s great to have a private jet. Anyone that tells you that having your own private jet isn’t great is lying to you.”
She went on to explain that “you haven’t completed the circle of success until you help someone else move to a higher ground and get to a better place.”
Conspicuous consumption by the super rich shows how disconnected they are from the rest of us:
Sales of private jumbo jets are so strong that Airbus and Boeing now have special sales forces devoted to potentates and the hyper-rich, the article said. According to data from the General Aviation Manufacturer’s Association, Gulfstream’s deliveries dropped 40% from 2008 through 2010, while jet deliveries from Boeing and Airbus jumped 50% in the same period.
Who needs such big planes? Donald Trump, for one. He is trading up from his Boeing 727 and buying Paul Allen’s 757 for a $100 million, according to UPI. The 757 can seat around 280 passengers, or The Donald.
Sales of business jumbo jets offers further proof of the increasing divide in wealth: between the hyper rich (billionionaires) and the mere millionaires. The net worths of the world’s billionaires surged 11% last year, compared with the 8% rise in U.S. millionaires for the most recent period (the first six months of 2010)
Even the billionaires who lost money in the recession are still spending. Once you get to 10 zeros, it is hard to spend down your fortune in one lifetime–even if you buy multiple jumbo jets.
Maybe it makes good financial sense given the cost of airport car parking
Ha! That would be funny if it was not true...