The market for private jets is booming, with business people under 45 snapping up luxury aircraft at an increasing rate.
A report by Jetcraft, a global player in business aircraft sales, acquisitions and trades, showed the number of buyers aged under 45 had grown by almost 15 percent since 2019.
Jetcraft CEO Chad Anderson said pre-owned business aircraft were spending less time on the market than ever before.
Mr Anderson said a shift in generational wealth and an increase in “new tech” billionaires was contributing to a notable rise in buyers under 45 years old.
“Among the report’s key findings is a continued rise in younger buyers, with 28 percent of Jetcraft buyers now aged under 45 years old, a 14 percent increase since 2019.”
He said the average sale was $20 million and the Middle East and Africa boasted the greatest proportion of younger buyers, due to the growth of ultra-high net worth individuals in those regions.
The report showed that in 2022-2023, aircraft spent an average of 129 days on the market compared to 233 days in 2018-2019, driven by unprecedented post-pandemic demand.
