BREAKING: Flexjet has just unveiled its new fleet of Gulfstream G700 private jets, each costing a staggering $96 million. This luxurious aircraft is set to redefine private air travel for the ultrarich, boasting features akin to a high-end apartment.
The G700, part of Flexjet’s shared fleet, allows clients to book flights for up to $20,000 per hour, catering to the growing demand for exclusive travel experiences. As the wealthy increasingly seek privacy and comfort, the G700’s lavish amenities are tailored for their needs.
This announcement comes as the landscape of private aviation evolves, with Flexjet adding the first of its 12 planned G700s to its fractional fleet in September. The aircraft offers approximately 465 square feet of cabin space, making it larger than many studio apartments in New York City.
Among the high-profile owners of the G700 are billionaires like Elon Musk and Jeff Bezos. The G700’s luxurious design features a separate bedroom, a spacious lounge, and high-speed Starlink WiFi, making it ideal for work or relaxation during flights across the globe.
The G700 also elevates in-flight dining, allowing clients to enjoy meals from Michelin-starred chefs or even fast food, all included in the hourly rate. The private bathroom, equipped with elegant finishes, rivals those found in luxury hotels, drastically improving the travel experience compared to commercial airlines.
The pandemic has significantly accelerated the demand for fractional ownership in private jets, with a reported 70% increase in interest since 2019. Flexjet CEO Michael Silvestro notes that affluent travelers are prioritizing safety and privacy, driving this market’s expansion.
Young billionaires, primarily from the Gen Z and millennial demographics, are now entering the private aviation market, representing a growing segment of the wealthy. This group, currently making up 8% of the world’s ultra-high-net-worth individuals, is projected to reach 35% by 2040, with their wealth largely insulated from economic fluctuations.
In 2022, individuals with a net worth exceeding $30 million collectively spent nearly $30 billion on private jets and yachts, underscoring the lucrative nature of this market. The global fractional ownership market, valued at around $8 billion last year, is expected to nearly double to $16 billion by 2033.
The G700 can fly up to 7,750 nautical miles nonstop, connecting cities like New York and Cape Town without the need for refueling. With a maximum speed of Mach 0.935 (approximately 717 mph), it’s engineered for efficiency and comfort.
As Flexjet continues to expand its offerings, the G700 is poised to become a symbol of opulence in the private aviation sector. For those who can afford it, flying has never been more luxurious or exclusive.
Stay tuned for more updates on this developing story as the world of private aviation transforms to meet the needs of its wealthiest clients.
