Philip Rushton has been selling private jets to the global rich for more than three decades. In just about every economic cycle, sales of small jets and big jets tended to move together — rising and falling with financial markets and fortunes of the wealthy.
Now, however, the jet market is splitting in two. Sales of the largest, most expensive private jets — including private jumbo jets — are soaring, with higher prices and long waiting lists. Smaller, cheaper jets, however, are piling up on the nation’s private-jet tarmacs with big discounts and few buyers....
According a jet market report from Citi Private Bank, deliveries of new so-called light jets — the smaller, cheaper models — were down 17 percent last year from 2012 and 67 percent from their 2008 peak. But deliveries of the biggest new private jets jumped 18 percent last year.Of course this is what progressivism has always been about, making the super-rich even richer.
Demand for billionaires’ most coveted jet, the $65 million G650 from Gulfstream, is so strong that some G650 owners are now flipping their planes for millions of dollars in profit just months after buying them. Bernie Ecclestone, the Formula One auto-racing promoter and billionaire, flipped his for about $72 million last fall — just weeks after he received it.