How private jet flights became the No.1 marker of real wealth

When Maxx Chewning sold his sour-candy business to Hershey for $75.5 million, the first thing he did—before buying a Rolex or dream home—was jet his wife and six friends to Vail on a Dassault Falcon 900.

- Gunjan Banerji

They skipped security lines, zipped straight to the runway and seated themselves in leather recliners with gold accents in the wood-paneled cabin. The price tag for this adventure: $100,000.

Chewning's goldendoodle, Dood, sprawled at their feet.

"The joke is, I had to get a private plane so I could bring my dog," the 35-year-old said. "I didn't really care what the price was."

The ultrawealthy have always enjoyed flying private. That exclusive club is growing, as soaring stocks and crypto prices mint more millionaires and billionaires, who now have a range of choices to book a seat on a jet.

Flying private has become the ultimate luxury splurge for many wealthy individuals, surpassing Ferraris, Hermès Birkin bags topping $14,000 or even waterfront Hamptons homes. For many of those aspiring to join the ranks of the truly rich, having "private-jet money" is the new goal, dividing the 1% from the 0.1%.

The pandemic unleashed a burst of demand, but providers say popular culture has turbocharged enthusiasm and envy for the fly-private lifestyle. Social media has given younger people a glimpse into the lives of jet-setters, whether it is a model flying with friends to a bachelorette party in Los Cabos, Mexico, or a hedge-fund manager hopping a plane to a birthday weekend in St. Barts.

Realistic expectations are in order. "It is my dream to fly private," says a user on a Reddit forum for so-called Henrys (which refers to high earners, not rich yet), adding that he earns about $300,000, is married and has a kid in daycare.

"Definitely closer to broke than flying private," another user responds.