How Rich Do You Have To Be To Own a Private Jet?

Want your own private jet? Private jet ownership is a considerable upfront and ongoing investment, and most millionaires can’t even afford one.

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According to a 2023 High Flyers report from The Institute for Policy Studies research center and activist group Patriotic Millionaires, the median net worth of a jet owner is $190 million, while fractional owners have a median net worth of $140 million.

The report described the typical private jet owner as “overwhelmingly male,” North American, and over the age of 50. They also work in banking, finance or real estate, but the report also noted that the industry has recently seen younger, first-time buyers.

Buying a private jet, even used, can cost anywhere from $3 million to $75 million, Simple Flying reported. Maintenance, fuel and labor costs can add an additional $1 million per year or more. Depending on the airport where you base your plane, hangar fees can be $81,000 to $160,000 per year, and even something as simple as a flat tire can cost $1,000 to $2,000 to repair. Private jets also require regular inspections, Simple Flying added, which can cost several thousand dollars.

Private jet insurance is another requirement, costing between $10,000 and $500,000 per year. Fuel isn’t cheap, either. If you fly 500 hours per year, the average jet uses about 3,500 gallons of fuel. This would add up to $17,500 annually.

According to The Street, a new Embraer Phenom 100 averages $4.5 million, while an Airbus Corporate Jet and Boeing Business Jets sell for around $440 million. You can save more upfront by buying preowned, but Clay Lacy Aviation said you’ll likely lose what you saved to higher fuel and maintenance costs, optional and mandatory upgrades, warranty and subscription renewals and other expenses that new jets don’t require, The Street reported.

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This article originally appeared on GOBankingRates.com: How Rich Do You Have To Be To Own a Private Jet?

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