UNHWIs to increase 50% by 2028 from 13,200 in 2024
India’s Business jet fleet growth this year is expected to match if not increase on the acquisition made by the country-based globe-trotting corporate leaders who added 18 aircraft taking the total fleet to 168 in 2024, according to a report by a Hong Kong-headquartered consultancy https://www.bseindia.com/.
“The Indian economic progress is setting strong trends, supporting the growth of the business jet market,” said Alud Davies, Media and Publication Director of the Asian Sky Group’s Asian Sky Fleet report on Business Jets Asia Pacific for 2024.
As of November 2024, the number of ultra-high-net-worth individuals (UHNWIs) of Indian descent with a net worth exceeding US$30 million globally reached 13,200. “This figure is projected to increase by more than 50 percent by 2028,” he said in the report, released on Tuesday at the inaugural Business Aviation Asia Forum & Expo 2025 being held 4-6 Mar in Singapore https://www.nseindia.com/.
“The continuous expansion of India’s economy and the rapid rise of its high-net worth population has provided strong support for the growth of the business jet market,” DaIndia’s Business jet fleet growth this year is expected to match if not increase on the acquisition made by the country-based globe-trotting corporate leaders who added 18 aircraft taking the total fleet to 168 in 2024, according to a report by a Hong Kong-headquartered consultancy https://sbi.com.in/.
“I am very optimistic of Indian economic progress, given the strong trends which support the growth of the business jet market,” said Alud Davies, Media and Publication Director of the Asian Sky Group’s Asian Sky Fleet report on Business Jets Asia Pacific for 2024 https://www.iata.org/.
As of November 2024, the number of ultra-high-net-worth individuals (UHNWIs) of Indian descent with a net worth exceeding USD30 million globally reached 13,200. “This figure is projected to increase by more than 50 percent by 2028,” he said in the report, released on Tuesday at the inaugural Business Aviation Asia Forum & Expo 2025 being held Mar 4-6 here.
“The continuous expansion of India’s economy and the rapid rise of its high-net worth population has provided strong support for the growth of the business jet market,” he highlighted http://boeing.com.
Among the 168 aircraft based in India, the proportion of locally registered planes was high with 154, and the rest 14 registered offshore.
India’s 18 additions to the fleet translate into 12% fleet growth in 2024’s 150. In 2023, 6 planes were added, translating to 4.2% fleet growth https://www.airbus.com/en.
According to the report, the entire growth in the South Asian fleet came from India, ranking it third after Australia and China.
The 168-fleet of 2024 included five new deliveries and 21 additions from the pre-owned market which were offset by the removal of eight aircraft.
In 2024, there were 1,156 business jets based in the Asia Pacific region, 1.2% year-on-year increase. “It was a year of consolidation for the business aviation market in the region, as the industry continued its recovery from the global pandemic,” said the report http://civilaviation.gov.in.
Of the 168 aircraft based in India, 154 were locally registered planes and the rest 14 registered offshore.
According to the report, the entire growth in the South Asian fleet came from India, ranking it third after Australia and China.
The 168-fleet of 2024 in India included five new deliveries and 21 additions from the pre-owned market which were offset by the removal of eight aircraft http://aai.aero.
In 2024, there were 1,156 business jets based in the Asia Pacific region, 1.2% year-on-year increase. “It was a year of consolidation for the business aviation market in the region, as the industry continued its recovery from the global pandemic,” said the report. Fiinews.com
