Sheffield families vs the super rich: who flies more often?

Belle leaves a chauffeur driven Rolls-Royce an...

From David Osler:

MILLIONAIRE Tory Oliver Letwin has come out against building new airports because he doesn’t want ‘morepeople from Sheffield flying away on cheap holidays’. However, I suspect that he has missed the primary sources of additional demand for aviation services.

One of the many interesting findings of the 2011 Wealth Report, produced by property consultant Knight Frank in conjunction with Citi Private Bank, is that all Russians worth $100m or more have increased spending on private jets and yachts over the last five years. The same can be said of 93% of super rich Indians, and 70% of high net worth individuals in the Middle East.

Indeed, the private jet market probably has further to rise, according to Tara Loader Wilkinson in Financial News, who quotes the opinions of a leading jet broker:

[T]he Russian & CIS private jet fleet is forecast to triple by 2019, with 650 deliveries scheduled from 2010 – 2019. Similar high demand is also identified in China where deliveries are expected to grow six fold, from 110 to 700 by 2019.

Nor are these people willing to fly on crap aeroplanes, it seems:

But the newly-monied do not want just any old private jets and yachts. Private bankers say the wave of emerging markets consumers have a competitive streak and when it comes to executive transport, big is beautiful.

“The (emerging markets buyers) are buying the newer, bigger, better jets. These, of course, have a higher ticket price.” said Mary Schwartz, head of Aircraft Finance at Citi Private Bank.

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