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The Economics of Private Jets

Wendover Productions
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Animation by Josh Sherrington
Sound by Graham Haerther (www.Haerther.net)
Thumbnail by Simon Buckmaster
Special thanks to Patreon supporters Adam Chelminski, Arkadiy Kulev, Charles Zilinski, Chris Allen, Connor J Smith, Daddy Donald, Etienne Dechamps, Eyal Matsliah, Hank Green, John & Becki Johnston, Kyle, MyNameIsKir, Plinio Correa, Qui Le, Remi_Scarlet, Tom Dooner, Tyler Hamm, and Vaughn Mudrick
Music by epidemicsound.com
Select footage courtesy the AP Archive
References:
[1] www.census.gov/quickfacts/fact/table/US/SEX255218; newflightcharters.com/private_jet_charter_flight_pricing.htm; www.charterhub.com/listings/aircraft/for-charter/list/?Mdltxt=G550&Manu=GULFSTREAM&mdlx=exact; www.privatefly.com/us/private-jets/longrange-jet-hire/Gulfstream-G550
[2] hbr.org/2018/07/the-leaders-calendar#what-do-ceos-actually-do
[3] www.epi.org/files/pdf/130354.pdf
[4] www.bloomberg.com/opinion/articles/2017-10-31/in-defense-of-corporate-aircraft-no-really
[5] www.linkedin.com/pulse/tesco-wal-mart-private-jets-fabrizio-poli/
[6] uk.flightaware.com/resources/registration/N455DG
[7] www.corporatejetsolutions.com/PDF/Aircraft%20Comparisons/Citation%20VII%20vs.%20Hawker%20700%20vs.%20Lear%2045.pdf; awin.aviationweek.com/portals/awin/pdfs/BCAOpPlanningGuide/2012_Production.pdf; www.aopa.org/news-and-media/all-news/2015/november/16/hourly-operating-costs-of-45-jets-compared
[8] www.symmetry.com/resources/payroll-news/2017/11/13/how-many-working-days-are-in-a-year
[9] corporate.walmart.com/media-library/document/2019-environmental-social-governance-report/_proxyDocument?id=0000016a-9485-d766-abfb-fd8d84300000&mod=article_inline
[10] www.stratosjets.com/private-jets/bombardier-7500/; www.trilogyaviationgroup.com/jet/Global-7500; www.privatefly.com/us/private-jets/longrange-jet-hire/bombardier-global-7500
[11] www.economist.com/business/2012/04/14/winging-it
[12] www.eia.gov/environment/emissions/co2_vol_mass.php; data.worldbank.org/indicator/en.atm.co2e.pc
[13] www.economist.com/business/2017/02/16/why-bosses-are-flying-more-for-play-not-work
[14] papers.ssrn.com/sol3/papers.cfm?abstract_id=529822

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16 Jul 2019

private jetsairplanesjetscorporate jetsbusiness jetseconomicsmoneybreakdownpricehow private jets workcostexpensiveaviationairportsbusinesscorporatefirmeconomyluxurywendoverproductionsexplainereducationalvideo essay

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Wendover Productions
If you missed all the different announcements, I started a new podcast called Extremities about a month ago. It's all about how and why the world's most isolated human settlements exist, with the first season being on Pitcairn--the 50 person British territory in the South Pacific. You can listen to the podcast here: ExtremitiesPodcast.com
Ferdinand
Ferdinand 22 gün önce
@Tiogshi Laj Right? I miss the old voice. This sounds like he's talking through a thick blanket.
Kristian Canoy
Kristian Canoy 27 gün önce
Hi Wendover!! I want to request a video about how airline alliances work. (Star Alliance, SkyTeam and Oneworld)
Wubbalubba dubdub
Wubbalubba dubdub Aylar önce
you could also make a video/podcast about tahiti. our company is shipping a package there from europe for 7€ with dhl, even though it's on the other side of the world from us. the french goverment seems to subsidise shipping cost to french polynesia.
Scooters Videos
Scooters Videos Aylar önce
what this proves is that the rich are @$$raping us and that not paying at least $15 an hour is an outrage deserving of tar and feathers.
Everything about Romania
When will we be getting the next episode?
Joe Campbell
Joe Campbell Gün önce
Right up there with Al Gore's $30,000 utilitiy bills. YOU all need to make sacrifices and change, not us.
Luke Thighwalker
Luke Thighwalker 2 gün önce
8:32 which firms?
Luke Thighwalker
Luke Thighwalker 2 gün önce
No CEO is worth $24M per year.
Phil Pan
Phil Pan 2 gün önce
That's the problem with our world; we measure the value of things by using a fictitious metric; the "hourly wage" of a CEO.
Yonatan Kanosh
Yonatan Kanosh 3 gün önce
Elon Musk, you own a jet. How can someone like you put up with this carbon footprint? ELECTRIFY!!!! Also hydrogen fuel is nice
Zero Dawn
Zero Dawn 4 gün önce
Carboon footprint = Marketing Scam.
Kyle Fitzpatrick
Kyle Fitzpatrick 4 gün önce
Amazing that the CEO makes 24 M a year when Walmarts employees are so poorly paid that the American tax payers spend over a billion on subsidies to support their employees
John Holton
John Holton 4 gün önce
I don't think huge corporations do the cost analysis of every hour of their CEO's day. It's kind of a results thing, would you want to live in a world where a CEO get micromanaged? No escape.
Sauga Verse
Sauga Verse 5 gün önce
I used to fly to work on a private jet every week. Leave on Monday morning, return home on Friday afternoon. However, our particular jet had 7 seats, and they were always full. Very rarely were there any executives on the flights, it was mostly for us average workers. The perks were great, you only had to arrive at the airport 5 minutes before the flight took off. No waiting, no security, no customs, free booze, this is how all flying should be. I'm sure it was expensive, but a private jet is a great way to travel.
esuus
esuus 5 gün önce
THANK YOU for pointing out the carbon footprint. Please keep it up!
lisa dodd
lisa dodd 5 gün önce
HE SAID SPOKANE RIGHT YOU GET A LIKE SIR
NKT authentic
NKT authentic 6 gün önce
Please also make.. The Economics of... 1. Star hotels 2. Cruise liners and 3. Oil refinary companies
Divide By Zero
Divide By Zero 6 gün önce
I don't think the Regional Vice President has visited my local Walmart recently...
Florin Pappa
Florin Pappa 6 gün önce
MiMiMi you can always make sense of flying private and you'd fly private too if you could 100%, anyways still a great video with great efforts and the 1.7mio views would have definitely paid for the next charter.
Edmond Dantes
Edmond Dantes 6 gün önce
Carbon Footprint...................Right.
GoneBamboo
GoneBamboo 6 gün önce
Great for flying young'ns to your private island
GoneBamboo
GoneBamboo 6 gün önce
Makes sense if your flying underage girls with heads of state
Moe Saad
Moe Saad 7 gün önce
Man I love all your airplane videos. Keep em coming and thank you!
Ocotillodavid
Ocotillodavid 7 gün önce
I worked for a company that sold private/corporate jets, and the fat cat bastards who ride in them have egos bigger than the price of their jets. They all need to humble up.
Zion Zawko
Zion Zawko 7 gün önce
Walmart doesn’t fly out of Bentonville (XNA) they fly out of Rogers at Walmart Aviation center and they only fly in to private airports near Walmart are not near big airport! If they are there is very few
benlovestorock
benlovestorock 7 gün önce
And the minimum wage in USA is ?
Klobi for President
Klobi for President 4 gün önce
$7.25 an hour.
Pat W
Pat W 7 gün önce
Got to know for a good future
ali rk 12345
ali rk 12345 8 gün önce
It's not all about money it's about time in private jet tou can fly anytime you want
Kevin McGushion
Kevin McGushion 8 gün önce
Something you completely overlook is the value someones time is to the company. Let's say I have a VP making $500K per year who closes my deals and I have a factory that needs $100 million a year to stay operational. Anything after $100 million is profit so I want those deals closed as fast as possible and before anyone can compete with me. It is well worth the money to have the VP take a jet and close as many $2 to $5 million dollar deals as possible as quickly as possible, before the competition. the cost of a private jet is inconsequential. The bigger the company and the bigger the deal the more this makes sense. Jeff Bezos' time on a jet isn't equal to his hourly wage multiplied by air time. Jeff's time is worth the $2 billion deal he will close in that trip.
Joe Om
Joe Om 8 gün önce
One of the biggest clues here is that the rich do is the budgeting is down to the “t”. Avg people do not ever plan their lives in that way so its always chaotic shooting from the hip every time they make a decision and sometimes even taking days to make one.
Thomas Walton
Thomas Walton 8 gün önce
Ever heard of a Skype call? It's a great way to reduce having to travel....at all... you would only have to travel occasionally
ADITYA SANTHOSH
ADITYA SANTHOSH 8 gün önce
Y ur voice deep??
Felix Murithi
Felix Murithi 8 gün önce
The calculations on value for money are bullshit
Hoyt Benson
Hoyt Benson 9 gün önce
Hey Sam! I’ve got a vid request! Could you potentially do a video on airport emergency services? Great video, by the way!
yaimavol
yaimavol 9 gün önce
Show me a climate change conference where anybody flew commercial. When your last name is Clinton or Obama, you are beyond flying commercial, even if it's first class. Then again, both of them command their own "charitable foundations" that pay for it all.
seeyouspacecowboy14
seeyouspacecowboy14 9 gün önce
Maybe .... Just maybe you hire people and live in the city or near the city in which your company is located in I mean I understand working in nyc and take a train out to long island, but do you really need to fly hours to work daily .... just move to the state
Owen Bondar
Owen Bondar 9 gün önce
time is money
marymarluis
marymarluis 9 gün önce
Can you talk about economic disaster of AIRBUS A-380????
ZK-APA
ZK-APA 8 gün önce
marymarluis he’s made a similar video. Economies of big planes vs small planes
Inyalabudbud Punjabbidaliwad
Nothing the rich people do can be justified. Why fly First Class when the Economy folks get there at the exact same time? Why buy a Mercedes, when a Hyundai is acceptable? Why eat at the Four Seasons instead of Burger King? OWhen you are rich you become a superior creature who believes in his own hubris.
ZK-APA
ZK-APA 8 gün önce
Inyalabudbud Punjabbidaliwad I know it sounds dodgy, but simple answer is that the more you have, the more you’ll spend. And money is made for spending. Yes, investing and all is a better proposition, but if you are struggling in living your life, just so that you have more money, you are doing it wrong. People fly first class because they want to fly it and they can fly it. People buy Mercs because they want a merc and they can afford to buy it.
Mayank Bansal
Mayank Bansal 10 gün önce
Hey!! It's great to see your video is working well. Get it better by adding closed captions in English. Contact me for the service via email on themayankbansal@gmail.com. Thanks. ALL THE BEST. Keep Growing.
A-Bloke-Named-Chris
A-Bloke-Named-Chris 11 gün önce
8:39 wonder what those two are talking about
Joshua C.
Joshua C. 11 gün önce
I'm confused by the opening. I thought that the jet wouldn't leave NY state at the year's income of an average American.
chepe263
chepe263 12 gün önce
are you the same guy from "Half as Interesting"?
MrSensitiveNipples
MrSensitiveNipples 13 gün önce
In as simple terms as possible: time is money.
Are you Serious
Are you Serious 13 gün önce
Wouldn’t it be cheaper to just drive from New York to Beijing? Psh stupid asses
Waseem Yusuf
Waseem Yusuf 14 gün önce
HOW DOES HE KNOW SO MUCH? Edit: nvm, just realized that the tiny number on the bottom left points to the source of the information in the links in the description.
Dnl k
Dnl k 14 gün önce
If I had all the money... I have one please. I can't stand being scanned by immigration all the time and queuing forever and delays.
Robin Eldred
Robin Eldred 14 gün önce
Your math is waaay off, dude.
Haroon khurram
Haroon khurram 15 gün önce
celebrities use them the most
Notmiuser
Notmiuser 15 gün önce
I'm too poor to watch this video.
Blame USA
Blame USA 15 gün önce
Private jet is best because they steal all our money and change our countries!
BASE Kyle
BASE Kyle 16 gün önce
OPPALENCE. YOU. OWN. EVERYTHAANG
Justin Jones
Justin Jones 16 gün önce
I live in Bentonville, GO WALMART!
Les Gasl
Les Gasl 17 gün önce
I’ve been waiting on this
William Lau
William Lau 17 gün önce
I have news for Walmart, it's not worth flying their VPs to the stories like this. Of the dozens of Walmarts I have been to, none of them is that well ran... Maybe their should have their VPs spend more times at the store instead of an 1-2hr flyby.
LucasBrien
LucasBrien 17 gün önce
I’m 16 and I wash a private jet every once and a while (private jet owners pay very well). The company that owns it has one jet that seats 7, they have 5 pilots with 3 on call at all times, and they fly about twice per day. I don’t think costs are in mind, I think they use the private jets as a sort of benefit.
ExpatMoe
ExpatMoe 17 gün önce
The salary of a CEO may be a big factor but more important must be the expected value that the CEO generates. With a 15 million salary, should probably be 100+ million in cost savings / new business/ acquisitions etc. I worked for a company once where the CEO hardly dropped in with the corporate jet unless a 10+ million deal was on the table. Then those saved hours makes sense. If a CEO flies around just to shake some hands in stores then obviously a waste. But hopefully/more likely it’s part of a continuous review on how to make a very large business grow and become more profitable
SolamenteVees
SolamenteVees 18 gün önce
"I keeps a private Jet!"
Rosa I Guess
Rosa I Guess 18 gün önce
Private jets are also good for going to international waters and private islands with guests of all ages
Anders Blomquist
Anders Blomquist 18 gün önce
By using Skype the travelling time would be 0.
kamikaze GOD on fire
kamikaze GOD on fire 18 gün önce
Aahaaa
fladave99 Mills
fladave99 Mills 19 gün önce
Private jets keep people away from the MUSLIM JIHAAD!!!
Groovy Games
Groovy Games 19 gün önce
Why do you sound different?
christian legaspi
christian legaspi 19 gün önce
Make a video about what happens if a baby is born on an airplane
Rubik
Rubik 19 gün önce
nowadays there is no need for flights - business can be done online remotely easily!
Jake
Jake 19 gün önce
PEASANTS.
Carl Senden
Carl Senden 20 gün önce
Most people could do their business via email and Skype. No need to be there in person.
Vadim Propeleyentev
Vadim Propeleyentev 20 gün önce
I love the way they look personally
Stuart Conner
Stuart Conner 20 gün önce
The execs don't care about how un-economic it is, they demand the opulence and status it signals. screw the shareholder.
SyncroScales
SyncroScales 20 gün önce
The taxpayer pays for those subsidies and tax write-offs or tax-dodging. All income is taxable do not listen to the narrative. Private jets are also rented out. Sometimes more than one person or group uses private jets together.
Steve Schutte
Steve Schutte 20 gün önce
You didn't add in the value of an executive being in the office and available instead traveling. At the company I worked at with private jets, that value was more than the salary value of time saved.
anti stuff
anti stuff 20 gün önce
The wealthy minority and military are the biggest polluters and wasters of resources. Time to end them
Dugie Joness
Dugie Joness 20 gün önce
Even if these jets were powered with free energy from the subspace and filtered air during the flights, these these eco-commies would also hurt their ass because it hates industrious and entrepreneurial people. they have complexes that they did not learn and all want to get to their shit level. CO2 is a life-giving gas and not a poison you morons. Stop cutting forests and building your ecological wood huts and start thinking and supporting technical progress. You can live at a higher level and not destroy the environment, you only have to stop fighting science and technology.
Pegasaus
Pegasaus 20 gün önce
All of this while millions of Walmart employees are barely above poverty line even after working 50+ hours per week. Bloody scumbags
Wo Land
Wo Land 21 gün önce
Ceo's are not in business of making sense. Financial or otherwise. They spend shareholders' money with open heart.
BLacKNesMonsTaz
BLacKNesMonsTaz 21 gün önce
Also buying a plane and renting it out and or buying in shares of a plane a sharing cost. Or get a membership in private jet.
matt bardot
matt bardot 21 gün önce
6:10 *WALMART MANAGERS MAKE +$110K ???*
jcardboard
jcardboard 22 gün önce
A guy I went to school with flies these things every day. Seems like a pretty spectacular job especially if you get a lot of hires to the Caribbean etc. His Instagram is pretty good as a result.
Bobby Fisher
Bobby Fisher 22 gün önce
If they stopped the Private Jets, CEO’s wouldn’t work as hard. Therefore, that company’s gross revenue would likely decrease MORE than the money saved. Stop PJ’s = Less profits (mic drop)
Connor Wickham
Connor Wickham 22 gün önce
Ahh nooo! It was so good until you started talking about “carbon footprint”
annie00724
annie00724 22 gün önce
For large companies, they may consider the value of others’ time, not only the person flying. Commercial flights are unreliable. A delayed or cancelled flight can ruin an expensive corporate event, waste the time of hundreds of people waiting for the speaker to arrive at a convention, delay scheduled training, or damage professional relationships with valuable clients.
Alex Landherr
Alex Landherr 22 gün önce
Short answer: "We just want it" [Read in a baby voice of a CEO].
Cimajé Horace
Cimajé Horace 22 gün önce
It's a little odd hearing you enunciate your T's so hard
Amazing Sheppie
Amazing Sheppie 23 gün önce
Can you make a video about the economics of a hotel/hotel chain?
Vadim Propeleyentev
Vadim Propeleyentev 20 gün önce
no, because it isnt planes.
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