Thursday, March 10th, 2011

Biz Jet-Setters Fly High in China

With the aviation industry now booming in the world’s second largest economy, China’s passengers are expected to account for around a quarter of the world’s 800 million new travelers by 2014. Dozens of new airports are under construction, and the executive jet market is expected to ride the crest of this wave.

Forbes’ latest global rich list showed the number of Chinese billionaires doubling over the past year to 115, the first time any country outside the United States, which has 413 billionaires, had more than 100.

But China has only around 200 private aircraft, according to official estimates, far fewer than the 11,000 in the United States.

U.S. executives, including those at government-owned General Motors Co GM.UL, are now getting back on corporate planes as the economy slowly recovers after the financial crisis.


Source: Reuters