CHINA, HONG KONG AND SOUTH KOREA FALL FAR BEHIND ASEAN COUNTERPARTS IN LOCAL CHARTERED PRIVATE JET OPTIONS
Australia and Singapore offer greatest access to private aircraft for charter in Asia, according to new research by L’VOYAGE
HONG KONG, March 23 2017 – China, Hong Kong and South Korea are amongst 15 countries that have the most billionaires globally, yet they offer the fewest number of charter jets per billionaire in Asia. Sluggish development of an aircraft sharing culture, a shortage of talent as well as challenging and diverse business aviation regulations have contributed to the current situation, says L’VOYAGE, the Hong Kong-based private jet charter company that conducted the research.
Chartered private jets are booked by corporate users and private individuals to fly direct to their desired destinations, saving as much as 15 hours in reaching less developed locations in Asia. L’VOYAGE conducted this research to identify Asian markets with the most billionaires that are better served by charter jet providers, using the pool of ultra-rich as a proxy for potential users.
Highlights of the L’VOYAGE 2017 Regional Charter Jets for Asia Pacific Billionaires research include:
- Greater China’s 609 billionaires have a total of just 70 charter private jets to choose from, compared to the 552 billionaires in the United States who can choose from over 2,600 private aircraft. That comes to 4.7 charter jets per billionaire in the US, compared to 0.1 in Greater China.
- Hong Kong’s 72 billionaires have to jostle for 13 private charter aircraft and face the challenges of landing slots and parking. Fortunately, they can take off from Shenzhen’s Bao’an International Airport when the city’s only private jet terminal is overbooked.
- Australian billionaires are the luckiest, with two charter jets available for every ultra rich person. Australia’s charter jet sector has grown mainly as a result of demand from users in the mining and tourism industries.
- Singapore ranks second in terms of convenience, with one charter jet available for every billionaire. Singapore’s government has been investing in the infrastructure needed to support the industry and is currently the region’s most active aircraft leasing hub.
The L’VOYAGE research shows that North Asia’s charter jet industry lags behind in aircraft options for each homegrown billionaire, compared to their South East Asian counterparts in Singapore, Indonesia and Thailand. Subsequently, the well-heeled in Japan, Hong Kong, China and South Korea are often hard pressed to book private jets during peak holiday seasons in Asia.
L’VOYAGE says that the situation in Greater China is set to improve, thanks to government support. “Greater China has the fastest number of billionaires in the world, up 41 from 568 in 2016 and its charter jet industry is catching up as well. In March 2017, the Civil Aviation Administration of China abolished the need for government approvals on the purchase and registration of new or pre-owned private jets, as part of its general aviation development efforts under China’s 13th Five-Year Plan. It also plans to build over 500 airports by 2020 and boost the operating environment for general aviation. By April 2017, Hong Kong will be legislating a new tax regime designed to appeal to commercial aircraft leasing companies. Such measures should also help expedite business aircraft leasing and spare demand for locally registered aircraft for charter,” said L’VOYAGE founder and chairman, Diana Chou.
L’VOYAGE 2017 Regional Charter Jets for Asia Pacific Billionaires
|Number of charter jets in country
|Number of billionaires
|Charter jet to billionaire ratio
|2.1 to 1
|1.1 to 1
|0.9 to 1
|0.7 to 1
|0.6 to 1
|0.3 to 1
|0.2 to 1
|0.1 to 1
|0.1 to 1
Source: L’VOYAGE. Based on 2017 data from Hurun Research Institute and Asian Sky Group. China refers to Greater China data excluding Hong Kong.
L’VOYAGE is a bespoke private jet chartering company based in Hong Kong with a long heritage in serving discerning corporate travelers and jet-setters. Part of a specialist business aviation group that began in 1999, L’VOYAGE offers unrivalled access to aircraft options and landing destinations, coupled with highly personalised hospitality. L’VOYAGE is also the first Wyvern approved broker in Asia, making its safety intelligence of the highest accredited standards within the region.
firstname.lastname@example.org | +852 2868 3678