Think of the little “luxuries” you can’t live without — from your smartphone to your air fryer, a special facial serum or other tool that makes life simpler. While your “luxury” might cost more than a typically budgeted expenditure, it’s still probably in the realm of “affordable.”
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For billionaires in a recent study done by Forbes, the luxury that a significant number of them can’t live without is far outside of your ability to afford it: a private jet.
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The Lure of the Jet
What is it about private jets that 12 out of 40 billionaires ranked it as a must-have, since they can have it? On the one hand, it’s easy to imagine choosing to avoid long TSA lines, crowded seating and herd-like travel conditions.
Private jets can also be roomier, better appointed, and might come with perks, like free drinks or snacks. However, these were not the main reasons cited by the billionaires Forbes interviewed.
Time Saver
The real reason billionaires opt for private jets is that they save time. Private jets not only have a quicker boarding-to-flight time, but they also have a greater number of airports to choose from, because they don’t have to fly out of big metro airports. Forbes pointed out that the state of Texas alone has 389 public-use airports, of which only 25 are commercial airports.
This appeals to busy billionaires like David Hoffman, a real estate investor who must travel to a number of locations that are difficult to reach by traditional air flights, Forbes shared.
Another billionaire, Albania’s Samir Mane, a retail and real estate entrepreneur, bought one to avoid the hassle and mess of flight connections that don’t always work out. With not a lot of great flights out of his country, his jet allows him to get to places in 20 minutes that normally would take up to a day in a commercial airport due to security, layovers and connection timing.
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The Costs of a Private Jet
While all of that makes sense, it’s a little hard to digest the price tag of a private jet. For a “budget” pre-owned model, there are some that go for as “little” as $1 million, but you can pay up to $75 million or more for a top-tier jet.
And don’t forget the cost of jet fuel! According to the International Air Transport Association (IATA), fuel costs vary quite a bit. For the week ending June 20, 2025, the global average price of jet fuel is $96.97 per “blue barrel” or bbl, which is equal to 42 U.S. gallons or 159 liters.
Small jets might use about 50 to 150 gallons per hour, while larger ones might use 200 to 500 gallons per hour, according to FlyUSA.com. Say you took a private jet using 100 gallons per hour, and flew for two hours. That would be over $223 in fuel just for those two hours. And of course there are maintenance costs, parts replacements, jet parking and more that don’t come cheaply either.
Pocket Change
What’s a few hundred thousand or even a million dollars to a billionaire, though? Consider how billionaires make money on their money through investments — barring total stock market collapse, the average stock market return is 7% to 10%. A 10% return on $1 billion is $100 million.
This is all to say that buying a private jet for some billionaires is like buying a new car for the average American. If given the same funds and circumstances, anyone who has ever suffered the frustrations, delays, annoyances and costs of plane travel might not think twice about joining the jet set.
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This article originally appeared on GOBankingRates.com: This Is the No. 1 Luxury Billionaires Can’t Live Without (It’s One You Can’t Afford)
