I toured a $96 million private jet. It's like a flying penthouse.

"Flying economy from New York to London is one thing. Flying the same route on a private jet is another - and it's what the rich and famous are paying tens of thousands of dollars to do. Leading this luxury market is the Georgia-based private jet manufacturer Gulfstream and its ultra-luxe G700. Its cabin is larger than many New York City apartments."

"Flexjet said each plane cost $96 million. Fractional ownership is like a timeshare for airplanes. Clients purchase hours on a fleet of jets, and Flexjet handles crew and fleet management. Customers pay only for the hours they fly. A Flexjet spokesperson said fractional hourly costs range from $6,500 to $20,000, with the G700 at the high end. For context, one hour on its most expensive jet costs roughly eight times the average American's monthly mortgage payment of about $2,300 in 2025."

"The pandemic accelerated fractional ownership. Aviation Week data shows a 70% increase from June to August compared to 2019. Flexjet CEO Michael Silvestro said wealthy travelers sought cleaner, simpler travel and more privacy amid jet trackers. Younger clients - mostly Gen Z and millennials aged 18 to 43 - are also entering the market, gaining wealth through self-made and inherited means."

The Gulfstream G700 is an ultra-luxe private jet with a cabin larger than many New York City apartments and amenities including a bedroom and kitchen. Flexjet added the first of 12 planned G700s to its fractional fleet in September after acquiring each plane for $96 million. Fractional ownership allows clients to purchase hours on a fleet while Flexjet manages crew and operations. Hourly fractional costs range from $6,500 to $20,000, with the G700 at the high end. Demand for fractional ownership rose sharply during the pandemic, and younger ultra-high-net-worth clients are increasingly entering the market.

Read at Business Insider