The increase in the number of billionaires living in the United Kingdom has been reflected in the number of private jets being bought and being registered in the country. This follows on from the news last month that more billionaires now live in Europe than on any other continent (see Europe is Home of Choice for Billionaires)
https://orcap.co.uk/europe-is-home-of-choice-for-billionaires/.
JetClub, a private aircraft management company based at Farnborough Airport (the home of the world’s oldest air show, the Farnborough International Air Show), has revealed figures which reveal that the number of “heavy” private jets being registered and delivered in the UK in the last five years has risen significantly.
Between 2009 and 2013 nearly 65 large cabin heavy jets were delivered to the UK, which is more than to any other European country. Furthermore, five years ago there were 298 such jets registered in the UK; now there are 376.
And it’s not just sales that are up. According to JetClub, there has been a 40% increase in the number of enquiries they alone have received for private jet services, despite there being a number of other such companies in the market. JetClub puts the increase down directly to the greater number of billionaires who have moved to the UK in recent years, notably from Russia, Asia and the Middle East.
This influx of the super-wealthy into the UK has seen the country take over from Germany as the preferred place of residence in Europe. There are now 130 billionaires living in the UK, 72 of them in London alone. This has overtaken Germany (where 123 billionaires have made their home), although it does not match the 571 in the USA or the 190 in China.
The private jet business in the UK is boosted, too, by a greater number of wealthy visitors to the UK in 2014. The business was helped, too, by the Farnborough Air Show, which takes place every other year and which was held in July.
For many, the private jet is seen as the ultimate practical accessory. Owning a yacht is one thing, but you probably won’t spend a great deal of time on it. Having your own jet, or even having shares in one, makes a statement every time you travel. And with airports close to the centre of London – such as Farnborough, Luton or Northolt – it makes the private jet the chosen mode of travel for a significant number of UK-based Ultra High Net Worth Individuals (UHNWIs) and their friends and clients.
Should you wish to receive recommendations, ask questions or get in touch with our experts, please email us info@orcap.co.uk or call +44 (0) 207 725 6900
