Flexjet Unveils $96 Million Gulfstream G700: Luxury Redefined

UPDATE: Flexjet has just announced the addition of the ultra-luxurious Gulfstream G700 to its fleet, with each aircraft priced at an astonishing $96 million. This latest development highlights the growing trend of extravagant private air travel among the world’s wealthiest individuals.

The Gulfstream G700, described as a flying penthouse, features over 465 square feet of cabin space, making it larger than many New York City apartments. It boasts five living areas, including a private bedroom and a gourmet kitchen, catering to the ultra-rich who demand comfort and privacy while traveling.

Private aviation has seen a surge in demand, particularly following the pandemic. Flexjet’s fractional ownership model allows clients to purchase hours on the G700, with costs ranging from $6,500 to $20,000 per flight hour, depending on the aircraft used. This model is akin to a timeshare for airplanes, making luxury air travel more accessible to the affluent.

The G700 is not just for billionaires; it is part of Flexjet’s plan to expand its fleet with twelve of these jets. Wealthy clients like Elon Musk and Jeff Bezos have already invested in the G700, which can connect distant locations like New York and Cape Town without stopping.

Flexjet CEO Michael Silvestro noted that the demand for private flying has increased by 70% from June to August 2023 compared to 2019. This boom is attributed to a desire for cleaner, simpler travel options among wealthy travelers who prefer to avoid crowded commercial flights.

The G700 can accommodate up to 15 passengers and sleep up to nine, thanks to its convertible loungers and full-sized bedroom. Passengers can also indulge in high-speed Starlink WiFi and gourmet meals catered to their preferences, enhancing their flying experience.

As the number of ultrarich individuals—those worth over $30 million—grows to an estimated 511,000 globally by 2030, the fractional ownership market is projected to soar from $8 billion in 2022 to nearly $16 billion by 2033.

This trend reflects a broader shift in the private aviation sector, with younger clients, particularly Gen Z and millennials, entering the market, which could redefine luxury travel for years to come. As Flexjet continues to innovate and expand its offerings, the G700 represents a new benchmark in private flying, catering to the desires of the elite.

Stay tuned for more updates as Flexjet rolls out its G700 fleet, setting new standards in luxury air travel.