In the world of the ultra-wealthy, the choice between a private jet and a luxury yacht is a debate that has raged on for decades. But which comes out on top as a must-have for the world’s elite?
Private jets offer the convenience of landing and taking off at several airports around the world alongside time flexibility. In addition, travellers can avoid the skip security lines, and arrive directly at their destination on their own schedule.
Modern private jets, such as the Gulfstream G700 or the Bombardier Global 7500, offer more than just speed and convenience. They provide state-of-the-art technology, luxurious furnishings, and top-tier amenities.
From leather seats that convert into beds to fully equipped kitchens and high-speed internet, these are designed for both business and leisure.
“The business jet travel in the UAE has doubled since the pandemic volumes, we saw a lot of new aircraft numbers off the back of COVID. A lot of them that remained were chartering aircraft for the first time and decided that’s the way that they like to travel,” said Tom Murphy, Managing Director, FBO Services at Gama Aviation, in an exclusive interview with Arabian Business.
“I think whilst First Class is also a great way to travel, you cannot be arriving and departing at the time you want and also being able to travel on routes that might not be available on an airline,” he added.
On the other side of the debate, superyachts are more than just modes of transport; offering privacy, exclusivity and several opulent features, some of them have all the features of a house – on the sea.
Superyachts like the Azzam, Eclipse, and Dilbar are feats of engineering and design. These yachts feature swimming pools, helipads, cinemas, spas, and even submarines.
The 156-meter superyacht – Dilbar, for instance, features entertainment and recreation spaces including a 25-meter swimming pool, two helipads, a garden and more. The upkeep of this vessel requires nearly 100 crew members.
The cost of ownership
The cost of owning a private jet or a superyacht can be remarkably high. For instance, Elon Musk, the CEO of SpaceX and Tesla, owns a $70 million G650ER private jet. This jet is an extended-range model, capable of covering 7,500 nautical miles (equivalent to 13,890 km) without refuelling. The interior is designed for comfort and productivity, with each seat next to a window and convertible to a bed.
On the other hand, Roman Abramovich, the Russian billionaire, owns the “Eclipse” superyacht. While the exact cost of the yacht is not publicly available, it is reported that the cost is in the hundreds of millions of dollars.
The financial commitment required for both private jets and superyachts is staggering. A top-tier private jet can cost anywhere from $50 million to over $100 million, with annual operating costs running into the millions. These include maintenance, fuel, crew salaries, and hangar fees.
Superyachts, while similarly priced, often carry higher operational costs. A large superyacht can easily exceed $100 million, with annual maintenance and operation expenses potentially reaching 10 percent of the yacht’s value. This includes crew salaries, docking fees, fuel, and the constant upkeep required to maintain the vessel’s condition.
Lifestyle and utility
The choice between a private jet and a superyacht often narrows down to lifestyle and utility. A private jet appeals to those who prioritise speed, efficiency, and global accessibility.
It’s ideal for individuals whose business or personal interests require frequent travel to various cities around the world. The jet provides a private and controlled environment, making it a preferred choice for high-profile individuals seeking discretion.
A superyacht, on the other hand, emerges as a choice for leisure and indulgence.
The age and wealth of the owners
Most private jet owners (52.7 percent) are between the ages of 50 and 70, with an average net worth of $345 million.
Yacht owners, on the other hand, fall in the older and wealthier range. About 48.7 percent are between 50 and 70, but 43.4 percent are over 70. They also have a higher average net worth, at $510 million.
When it comes to carbon emissions, superyachts take the lead. A superyacht with a permanent crew, helicopter pad, submarines, and pools emits about 7,020 tons of CO2 a year. This makes it an unfavourable asset to own from an environmental standpoint.
On the other hand, private jets, while not as environmentally friendly as commercial flights, do not contribute as much to the carbon footprint as superyachts.
The environmental impact of superyachts is significant, with their vast engines consuming immense quantities of fuel. However, similar to aviation, the yachting industry is making strides toward sustainability. Hybrid engines and eco-friendly designs are becoming more prevalent.
Environmental concerns have prompted advancements in sustainable aviation technology. Electric jets and alternative fuel sources are being developed, ensuring that the future of private aviation might align better with ecological responsibilities.
However, it’s worth noting that the carbon footprint of private jets remains a contentious issue, drawing criticism.
A matter of personal preference
The choice between a private jet and a superyacht depends on the individual billionaire’s lifestyle, environmental consciousness, and personal preferences.
While private jets offer speed, efficiency, and travel convenience, superyachts provide a sense of luxury, exclusivity, and ease of access.
However, it’s important to note that both these assets come with significant environmental impacts, maintenance costs, crew requirements and more.
Many of the world’s wealthiest individuals own both, utilising each for its unique advantages. The private jet and the superyacht together offer a range of amenities in the sky or on the sea.
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