Despite the pessimistic future outlook by leading economic
pundits, is this country with the fastest growing billionaires still the
private jets / executive jets industry’s “undiscovered country?
By: Ringo Bones
Even though leading economic pundits still paint a pessimistic
outlook when it comes to The People’s Republic of China’s future annual economic
growth rate by saying it can no longer do a repeat of the economic prosperity that
it experienced during the first decade of the 21st Century, the
country is still well known for having the fastest growing number of
billionaires – which Ali Baba’s Jack Ma is a good example. But believe it or
not, Mainland China still doesn’t have a private jets / executive jets industry
providing its still growing population of billionaires, thus – inexplicably –
making the country an “undiscovered country” when it comes to private jets.
In a BBC interview back in September 14, 2014 of Robert
Molsbergen, the Chief Operating Officer of the Warren Buffett owned NetJets
already has plans to establish a private jets / executive jets business in
Mainland China given that nobody else has done it yet. NetJets had recently
negotiated with local Mainland Chinese business partners which only suggest the
company’s seriousness to establish a private jets / executive jets industry /
service to the still untapped region. Even though there are still fears that
foreign companies are still not treated evenhandedly by the monolithic Beijing
communist party, the burgeoning Mainland China’s richest 1 percent is just too
tempting to ignore.
Mainland Chinese billionaires or not, air travel is
projected to increase by 5.7 percent throughout Asia by 2017 according to an
assessment made by the International Air Transport Association – IATA – back in
2013, so even if the private jets / executive jets demand plateaus, Warren
Buffett’s NetJets could diversify into a bespoke high-end airline that caters
to Asia’s millionaires by providing a 1950s style service to those who can
afford it. The whole of Asia could be the global aviation industry’s fastest
growing sector.
