Will China Become World's Largest Private Jet Market?

Posted: Jan. 8th, 2013  |  By DailyLuxe News

Photo: Xinhua

It is possible, but it is going to take a little time.

There currently are more than 200,000 private jets in the U.S. and only 150 in China.  So, if China does become that world’s largest private jet market, the manufacturers are going to need a special lane in place to process all the orders from China.  How does this happen? It is all in the numbers.

There are currently 60,000 billionaires and 875,000 millionaires countrywide.  A recent survey indicated that six percent of these 935,000 individuals that are millionaires and higher plan to purchase private aircraft.  If that number were to hold, it would result in 155,864 private airplanes in the country. And that is just for starters.

Based on this assumption, the country has [approximately] 155,800 potential customers for private jets. Even if only 5% of the country's 60,000 billionaires planned to buy their own plane or helicopter, the market's value could be pegged at 150 billion yuan (US$24 billion), leaving aside the economic value of maintenance and operation services and fuel consumption costs.