users now commonly include entrepreneurs, high-profile celebrities, and successful international musicians. “We see a fairly even mix of both leisure and business


charter—the latter across several sectors including financial services and manufacturing,” Jackson says. “This split has remained steady.” But charter is not without its downsides. Getting an


empty plane to the location where the individual wants to use it, otherwise known as an empty leg flight, raises environmental issues and a hike in operating costs. It is a model that depends on operational efficiency. “With a membership model you get a lot of empty legs


from a limited private fleet which is costly to maintain and is not really flexible enough as a model,” says Eymeric Segard, chief executive at Swiss private jet broker LunaJets. “It is far more efficient to have something that is on-


demand. It is basically a volumes-based game and in order to have the sway and the access to the market we need both the volumes and to be able to leverage technology to see what is available and where.” Matching the operational efficiency with the experience


itself is also a challenge, says Segard. “Increasingly the philosophy behind private jet travel is


not just about the time saving and convenience, it is also about the experience itself. The personal touch is really important too to double check customer requirements such as catering, carriage of pets, and add finishing touches.” Vick says the challenge with charter is there is a wide


range of craft, but you can never guarantee the one you want will be available. “As with any service industry, the range of experience


and quality can be variable in terms of the craft itself, the operator, and the staff on board the plane.”


FRACTIONAL OWNERSHIP The next step up the value chain is fractional ownership,


where the user takes a share in an aircraft and the owners collectively share the costs of purchasing, leasing, and operating the plane. It is a step up from charter and worthwhile once someone gets to about 150 hours of flying time a year, says Vick. NetJets, a US subsidiary of Warren Buffett’s Berkshire


acknowledging the rising operational costs for running their aircraft. At the same time, the sales prices for used jets have dropped significantly, many existing owners losing millions of dollars of value. Meanwhile, many new types of


users have come on board within the charter market. As well as C-suite executives and the ultra-wealthy,


PHOTOGRAPHY: ADRIEN DASTE


The private jet market is expected to grow in 2019, as will demand for pilots. The world will need 790,000 new civil aviation pilots over the next two decades, according to a 2018 Boeing study.


Hathaway conglomerate, operates a fleet of craft which are all owned fractionally. Thus users can always access a plane, if not their own one, and can also opt to upgrade to the next cabin class. “Fractional ownership is a step up,” Vick says. “It has a lower capital outlay than outright ownership


and it also has financing available too. The logistics are taken care of by the operator and so for ease-of-use it is good too. But there is the risk of asset depreciation in absolute terms and in market terms if someone wishes to sell their share.”


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