Taking a private jet has become a measure of true wealth

The Wall Street Journal reported on the 3rd that for many wealthy individuals, flying on a private jet has become the ultimate luxury, surpassing Ferraris, Hermès Birkin bags, or Hamptons oceanfront homes. For those aiming to climb the ultra-rich list, “financial resources to afford a private jet” has become a new benchmark, the difference between the top 0.1% and the top 1%.

After entrepreneur Maxx Chewning sold his candy company to Hershey for $75.5 million, before splashing out on Rolexes and luxury homes, his first act was to arrange a $100,000 flight for his wife and six friends and family to the Colorado ski resort of Vail on a Dassault Falcon 900.

The COVID-19 pandemic has dramatically increased demand for private jets. Industry insiders point to pop culture fueling their popularity and making them a source of envy. Social media has exposed young people to the private jet lifestyle, with models jetting to Los Cabos, Mexico, for bachelorette parties and hedge fund managers jetting to St. Barts for their birthday weekends.

Data consulting firm Altrata shows that the number of wealthy individuals with the luxury of spending freely has increased significantly in recent years. The number of ultra-wealthy individuals (those with a net worth exceeding $30 million) reached a record high of nearly 500,000 in 2024. UBS data indicates that the United States will add an average of 1,000 new millionaires per day in 2024, and the number of billionaires will grow by more than 50% between 2015 and 2024.

Kenn Ricci, president of the private jet company Flexjet, said that the normally stoic “frugal wealthy” began spending lavishly on travel during the pandemic out of health concerns, only to find it difficult to return to commercial flights after the pandemic. The negative public perception of conspicuous consumption that emerged after the 2008 financial crisis has gradually diminished with years of economic growth.

“Being rich is very fashionable now,” Ricci said. “Sometimes we like rich people, and sometimes we hate them.”

Kevin Hooks, a 63-year-old Flexjet customer, said he spends about $800,000 annually on private jets, mostly traveling in the American Southwest on a Praetor 600 mid-size commercial jet. Hooks, who has been flying private since selling his pharmaceutical company about 20 years ago, said he has noticed an increase in the number of private jets in hangars across the country since the pandemic.