Rich, richer, richest. Everyone, who are proud to be fitting in these categories have developed a new penchant. They are all obsessed with buying their very own super luxurious private jets. Most of these rich people, busy shopping planes are from regions like Asia, Russia and Middle East. Even as high oil prices crimp airline orders for big passenger planes, business-jet sales are booming. Deliveries are expected to top 1,200 this year, the third consecutive record year for the industry, and most analysts predict the numbers will keep rising at least until 2010. Sales over the next 10 years are likely to exceed $220 billion, more than twice the figure over the preceding decade. I think the airport hassles are one of the prime reasons why these ultra rich businessmen choose to own their own jet instead. “The hassle factor of airports and security,” says Colin Steven, vice-president for sales and marketing in Europe, the Middle East, and Africa for the executive-jet division of Brazil’s Embraer. “They want to fly direct, do their business, and get back.” The big commercial-jet business are a thing belonging to yesterday, the business-jet sector is the talk of the town as it flourishes at break neck speed.
Embraer, known mainly as a manufacturer of regional jets, launched its executive-jet division only three years ago after watching a surge in orders at industry heavyweights, including Gulfstream, owned by General Dynamics; Bombardier, and the Dassault Falcon unit of France’s Dassault Aviation. Business jets now account for 16% of Embraer revenues, and the company says it expects that share to rise to 25% by 2010. With the prices of fuel hiking like crazy, i wonder how people are buying so amny planes. But on second thoughts if they can afford their own private jets would they really care about how much the fuel would cost them. D-uh!