What's the Real Wealth Required To Become a Private Jet Owner?

Think a net worth of $10 million qualifies you for a private jet? Think again. According to research from The Institute for Policy Studies, the typical jet owner in the US has a median net worth of $190 million, while those who opt for fractional ownership settle at around $140 million. That’s the actual entry point—far beyond what most millionaires can manage.

The Profile of a Private Jet Owner

Who actually flies private? The stereotype is surprisingly accurate. Most jet owners are male, North American, and over 50 years old, working in banking, finance, or real estate sectors. However, the market is shifting—younger, first-time buyers are beginning to enter the space, though wealth requirements remain prohibitively high.

Breaking Down the Real Costs

Purchase Price

A pre-owned private jet can start around $3 million, while new aircraft range from $10 million to $75 million. A new Embraer Phenom 100 averages $4.5 million, whereas premium models like Airbus Corporate Jets and Boeing Business Jets can exceed $400 million. Buying used seems attractive until you factor in depreciation and hidden expenses.

Annual Operating Expenses

Here’s where ownership gets brutal. Beyond the purchase price, expect $1 million or more annually just to keep the plane operational:

• Hangar storage: $81,000 to $160,000 per year depending on location
• Fuel costs: Flying 500 hours yearly at 3,500 gallons per flight hour costs approximately $17,500 in fuel alone
• Insurance: Ranges between $10,000 to $500,000 annually
• Maintenance and inspections: Regular mandatory checks cost several thousand dollars, plus routine repairs (even a flat tire runs $1,000-$2,000)

The Used vs. New Paradox

Buying preowned saves upfront capital, but Clay Lacy Aviation notes the false economy: you’ll hemorrhage money through higher maintenance costs, mandatory upgrades, warranty renewals, and subscription services that newer aircraft don’t demand. The initial savings evaporate quickly.

The Verdict

Private jet ownership isn’t just for the wealthy—it’s for the extraordinarily wealthy. With entry barriers starting at nine figures and annual operating costs exceeding seven figures, private aviation remains one of the most expensive lifestyle commitments available. Unless your net worth genuinely approaches or exceeds $150 million, chartering flights or fractional ownership may be the more rational financial decision.