Private jet sales boom as rich buy up

Bloomberg

The coronavirus pandemic has created an overhang of pent-up travel demand and left unspent money burning holes in the pockets of the well-to-do. Put the two together and the result is a hunger for private jets.
Buyers have scooped up so many of the good used planes out there that they’re now getting on waiting lists to purchase new aircraft, said bankers at last week’s Corporate Jet Investor conference.
“There’s been quite a party in the private aviation business in the last 18 months,” Jim Simpson, a senior managing director at First Republic Bank who’s in charge of aircraft and yacht financing, said. “We had a fabulous year.”
At Citigroup Inc, clients are so flush with cash that many who have never owned an aircraft are thinking of taking the plunge, said Ford von Weise, who heads global aircraft finance at the lender’s private bank. At times, he said, he sees a duty to talk them out of it.
“It’s incumbent upon us to convince them actually to not buy the airplane,” he said.