The One Luxury These Billionaires Say They Can’t Live Without

Title: The One Luxury These Billionaires Say They Can’t Live Without

Subtitle: Beyond yachts and diamonds—why the world’s richest view private aviation as a non-negotiable business asset

When you’re worth billions, nearly every luxury imaginable lands within reach: from Picasso masterpieces and flawless diamonds to private concerts featuring top artists, superyachts outfitted with cinemas and submarines, even vacations in space.

Yet amid these extravagances, billionaire lifestyles often gravitate toward one must-have item that transcends indulgence—it’s not always for glamor or image but efficiency. Forbes recently surveyed over 40 billionaires this past winter, asking which one luxury they simply couldn’t do without. The resounding top answer: a private jet.

While twelve billionaires explicitly named private aircraft as essential, others pointed to items like high-end smartphones, luxury cars, second homes, air-conditioning—and in one heartfelt exception, spouses (like Charles Koch, who named his wife of 57 years). One anonymous respondent summed it up best: “privacy.”

Given that hundreds of billionaires own private jets, this isn’t a fluke. The question is: why so many choose this luxury above all others?

Time: The Ultimate Currency

At its core, the private jet isn’t just a luxury—it’s a colossal time-saver. For ultra-wealthy executives with dispersed operations, wasted hours in security lines, taxiing, layovers, and missed connections are business losses too great to ignore. A private jet can take off in minutes from small regional airports—offering a lifeline of schedule control.

Take Texas, for example: despite having 389 public-use airports, it only offers commercial service at 25. Try scheduling a business meeting in that vast geographic spread via commercial airlines—and you’ll burn half a day just trying to align flight times.

As billionaire investor David Hoffmann puts it: “We have a large number of locations and it would be impossible to get to them without a private plane.” Hoffmann—a Naples, FL-based investor with interests across major U.S. cities—relies on aviation to connect with operations without losing days to transit.

Samir Mane, Albania’s first billionaire, concurs: “I bought a jet because we don’t have good flight connections to many of the countries where we operate.” For him, what’s a 20-minute private flight equates to a full day of delays on commercial routes from Tirana to Sarajevo. He points out: “If I were based in London… I wouldn’t need a jet.” Yet outside global hubs, private aviation becomes essential—rather than optional.

And that’s just the travel benefit. When deals hinge on same-day visitations, unsecured timelines, or multiple stops, executives can’t afford the unpredictability of public airlines. Hugh Chatham, VP of Sales at CFS Jets, sums it up: “It’s not a luxury, it’s a business tool.”

Price Tags and Depreciation

These jets aren’t cheap—but many billionaires still consider them the single most expensive purchases they’ve ever made. Used jets typically depreciate 5–10% yearly. But during COVID-19, demand skyrocketed, doubling prices across the used jet market—a surge that’s largely remained.

A modest used light jet can start at $1 million

Top-tier models like Bombardier’s Global 7500 reach $75 million on the resale market, and new versions can near $80 million

Some billionaires purchase commercial-size airliners—Roman Abramovich and Alisher Usmanov reportedly spent $350–500 million on customized Boeing and Airbus jets

The Global 7500, valued at around $55 million for the Feritta brothers, configures into four distinct zones—workspace, dining, lounge, and sleep—allowing global nonstop operation. For many billionaires, owning a jet that allows uninterrupted travel is not just convenience—it’s strategy.

Public vs. Private vs. Fractional Ownership

Not every billionaire needs complete ownership. Even a few hours of flight time can demand full-time maintenance, staffing, and landing rights. Fractional ownership solves much of this: owners purchase shares and access a jet for a proportional number of hours per year. Subscriptions for jet membership exist too—much like VIP programs in travel.

Hoffmann’s firm even does both: full ownership for frequently used routes and fractional shares for occasional trips. This blended usage keeps flexibility high and fixed costs reasonable.

Mane recently sold his Citation XLS+—bought in 2021 for $10.8 million—two weeks ago for $11.8 million. Rather than owning, he shifted to services like Vista and NetJets. But the urgent need for private flight didn't vanish—his business operations still demand fast, reliable mobility without daylong commercial hassles.

Privacy, Security, and Ease of Travel

Beyond time savings, private aviation offers privacy—a valuation often cited by billionaire respondents. It's not just about avoiding crowds or paparazzi; it's also about avoiding flight tracking. Public aviation apps like FlightAware let anyone track an aircraft’s location, hurting discreet travel. Private owners use layers of LLC structures or military registration to obscure paths and protect anonymity.

Summary: Private Jets as Strategic Assets

Twelve out of forty billionaires surveyed said a private jet was their essential luxury

Jets are widely used across industries—from real estate to tech

Compared with paintings or yachts, jets are far more essential in fast-paced executive travel

Buyers range from single-engine jets at $1 million to refitted Boeing Dreamliners at $500 million

For global billionaires, a jet is not extravagance—it’s a proactive business tool