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If you're among the ultra-rich in the world, you may want to consider a business jet.
According to data from Airbus Corporate Jets, nearly two-thirds of the world's private jets are registered in the US, and the market is expected to grow at a compound annual growth rate (CAGR) of 5.4% over the next five years, Bloomberg reports.
"The private aviation industry is experiencing a remarkable surge, driven by global wealth accumulation, technological advancements, and evolving business needs," says Matthias Knab, author of Opalesque, a report on the "unprecedented wealth explosion" in the industry.
In the US alone, nearly two-thirds of all private jets are registered in the country.
New business jets like the Airbus TwoTwenty offer 1/3 lower key operating costs compared to other large business jets and twice the value retention, Knab says.
In addition, philanthropy is on the rise as the ultra-rich seek ways to give back to the world's less fortunate.
"The private aviation sector's growth is also influencing business practices and philanthropic efforts," Knab says. Read the Entire Article
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