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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 Comparisons/Citation VII vs. Hawker 700 vs. Lear 45.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

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Wendover Productions
Wendover Productions 4 aylar önce
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
matt jakob
matt jakob Aylar önce
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Ferdinand
Ferdinand 4 aylar önce
@Tiogshi Laj Right? I miss the old voice. This sounds like he's talking through a thick blanket.
Kristian Canoy
Kristian Canoy 4 aylar önce
Hi Wendover!! I want to request a video about how airline alliances work. (Star Alliance, SkyTeam and Oneworld)
Wubbalubba dubdub
Wubbalubba dubdub 4 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 4 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.
jec1ny
jec1ny 2 gün önce
Warren Buffet, who owns NetJets, a private plane charter service, always decried owning these kinds of planes as crazy. He said that even with top business executives, for the number of times in a year you would have a legitimate need to fly private, you are almost always better off chartering. A couple of years ago though, he bought a Bombardier Challenger 600. With a certain amount of guilt, he named it "The Indefensible."
Joshua Patrick
Joshua Patrick 2 gün önce
Nice to know Walmart doesn’t want its executives to spend time away from home for one night on their 300-500k a year salary while it doesn’t seem to be willing to provide its rank employees a living wage....
ThatGuyThatDoesStuff
Is the private jet taking off and landing in Walmart parking lots? I guess Walmart bought the Gulf-Harrier models.
John Smith
John Smith 4 gün önce
Damn $100k a year for a manager at Walmart.
Russ Nurse2B
Russ Nurse2B 8 gün önce
In my opinion Wal-Mart ONLY values the time of its executives. Example: They gave the average workers a raise and then turned around and cut their hours according to what I saw on the news.
Satwik V
Satwik V 10 gün önce
Whoever engineers and sells an electric private jet that has a significant decrease in environmental damage is going to be a very rich man or woman...
Jim Dickson
Jim Dickson 11 gün önce
its far more efficient flying point to point in the US than catching connecting flights... you can do multiple meetings across the country in a day.
goodguygto
goodguygto 11 gün önce
Yeah!!, Walmart is good with money?, !!BEING STINGY!!, ripping off customers!!! Walmart still owe me $20!!!, their self check-out!!, took the money out of my debit card!!! They should be called "Asshole-Mart"!!!!!!
Wadert3
Wadert3 13 gün önce
Thank you for being the first person alive to pronounce Spokane correctly
Avidcomp
Avidcomp 14 gün önce
Private jets are not "horrendous" for the environment.
no pe
no pe 15 gün önce
not having to come in contact with the unwashed peasants is priceless for the greedy scumbag ceo's
KurJan&Urbano
KurJan&Urbano 15 gün önce
What about if I just want one🤔 I mean I really really really really want a Gulfstream... 🤷‍♂️
Mike will
Mike will 15 gün önce
This is why I bought a Cessna CJ 4, that I can fly myself. I don't need to waste time allowing TSA to fell my Ass and look at my junk in an X ray, I can leave in the morning, waving at the TSA employee in his truck, Surprise Employees when I show up and be home in time for dinner, plus being single, it's a guarantee panty drop.
Neil Zutshi
Neil Zutshi 15 gün önce
lol jews.
Eric
Eric 15 gün önce
I love videos made by people about corporate executive decisions who clearly have never walked a day in the life of a corporate executive. If you think jet travel is simply about "economics" then you have a LOT to learn. Earlier today, I spoke to a CEO who was waiting in the airport for his flight from Newark to San Francisco. He had already racked up over 500,000 miles for the year flying commercial. His company is a smaller one - not the kind that could afford a private jet. However, his travel is much like that of any other CEO... horrendous. There comes a point where logistics matter simply for sanity. Conveniences matter even if the economics don't make sense on a spreadsheet. This is the same reason why someone who commutes long hours in a car each year may opt for plusher leather seats, a stereo upgrade, and some additional bells and whistles in their car - they're spending an enormous amount of time in their car, and while a cheaper model would make more "economic sense," there's a quality of life issue at play. For folks who don't travel regularly for work, it often sounds luxurious. But if you climb the ladder far enough and find yourself in airports several times a week, it'll quickly go from luxurious to laborious. It's a perk to fly private, yes... but one that's partially designed to improve efficiency and partly designed to bring quality of life to people who are sacrificing a LOT of time away from home and family. If there's a way to have mom or dad home for more baseball games, plays, concerts, and birthday celebrations and less time away, then it's hard to put a price on it. The people who look with envy on the high pay of corporate executives, along with perks like private jet travel, are also the very same people who would never dream to sacrifice so much of their personal time - not here and there, for a month, a year, or two... but for decades building their career and climbing that corporate ladder. I'm not suggesting anyone should feel bad for an executive, nor am I suggesting anyone should badly for a guy working in the mail room. Each make their choices. Each lifestyle has its benefits and drawbacks. But far more folks in the mail room seem to forget that the high pay and perks at the executive level also means giving up a good deal of their social life, personal time, and work-life balance.
Charles Einarson
Charles Einarson 15 gün önce
Freedom of movement that isn’t tied to a hub and spoke transportation system allows for more efficiency and flexibility to land in.., let’s say Bakersfield California and not Las Angeles. Add the ability to go to literally any city in the nation and not be limited to roughly 400 Major airports that provide commercial service, private air travel makes much more sense. It is all about context. I am a low level government employee that has 13 states to manage. Private aircraft transportation makes more sense than commercial travel but because the perception is that the rich and privileged fly on private aircraft, I’m not allowed to use a charter plane or even one that I’m certified to fly myself. I am forced to fly commercially and am now restricted to their schedules and my trips are now cost prohibitive or take so much time, they won’t happen. Please tell me how to travel to Pasco, WA, Billings, MT, Rapid City, SD, Cheyenne, WY, Anchorace, AK, Nome, AK, Lincoln NE, and the other cities I need to get to that are either not served by Delta or American Airlines or are only serviced once a day.
washingtonstromtrooper
Makes me not want to work as hard for Walmart because I don't get a jet to work
Hitesh Limbani
Hitesh Limbani 17 gün önce
They also rent it like cabs.A private jet in need,after that a cab on call? So,own trips are always free(as cab compensate)
jay 3253
jay 3253 18 gün önce
Please do this same thing with Leanardo Decaprio and his carbon footprint vs taking a commercial flight. That hypocrite has 4 jets for just him.
SK Jung
SK Jung 21 gün önce
nah your figuration is not that persuade. CEO doesn’t work that much. and they work through phone or meeting or doing nothing.
Rich R
Rich R 21 gün önce
Did you take into account the time to and from the airport to the stores? My company has a jet and it is roughly 4.22$/mile and worth every penny. I am blessed to have been successful.
Chawn Kaw
Chawn Kaw 23 gün önce
Goals
Gerald Price, CREATOR, OWNER, AND OPERATOR
You are basing costs against salary instead of value add for deals made while on the trip..... which are in the 100’s of billions for WALMART THE WORLD’S LARGEST REVENUE EARNER ON PLANET EARTH PERIOD!!!!!
Gregarious Solitudinist
a vice president of a company is useless and should remain at their desk. doing nothing is what they do best, let them do it all day in Bentonville.
Bob
Bob 25 gün önce
You've neglected to mention that the CEO who makes thousands per hour can work in the back of the company jet or hold meetings while enroute. Or the fact that some wealthy individuals use the a/c for a mixture of business and pleasure... because they can! Not a bad video but somewhat short of facts!
raykirkland555
raykirkland555 27 gün önce
well i was with him up until he started the global warming shit.
Richard
Richard 27 gün önce
In the corporate world time is money, when opportunity knocks or need arrises the early bird gets the deal done, they can always get/earn more money but they can never get time back, Bill Lear understood this. Cost of operation-fuel, maintenance, ownership etc. is written off on taxes to a large extent the rest is just the cost of doing business or of being competitive.
theboredbrowser
theboredbrowser 27 gün önce
9:00 is that Matt Guthmiller?
James Matthews
James Matthews 28 gün önce
During his time at HSBC in the 90’s, a family friend was involved in evaluating the business case for the company’s corporate jet. He told me that the most important factor in his evaluation was not the economics, but rather the effect on his career if he’d have nixed it!
Ryan McGowan
Ryan McGowan 28 gün önce
It isn't about the wages of the executive. It's about the profit that the CEO brings to the company. If an executive is only manages increases of $1,000,000 a year, they'd probably be fired. If they can cause just one new store to open, it paid for all the trips that year. Also, you're not including the entire team of people that are on the private jet. There is likely 3 or 4 people on that plane, so divide all those numbers by at least 2.
Mark Seifried
Mark Seifried 29 gün önce
Your comments and education for the masses is super and accurate. But; you had to ad the fact about toxic emissions. The US is the greatest country in the world. (It sounds like you want us to use horseback for travel because there will be much less pollution.) General aviation is absolutely necessary and worthwhile, even if you have a one person company. A small four passenger propeller driven aircraft can make that manager or salesman a super employee. Why would you do this? America is many times larger than it was 50 years ago and there are millions of more autos. Why not talk about these polluters in another video. Why not talk about people who want less pollution leaving their room a/c's on 68 and many of their lights and TV on for 12 hours while they are away for business all day. This wastes energy and pollutes the environment. Private aviation is a billion dollar industry in the US and around the world. So, you want to shut it down because the jet pollutes the environment. Are you going to talk about cows next? On another note; I wish that I was there when congress grilled the Detroit auto industry about their use of jets when they were asking for bailouts. I would have defended them with great conviction. (Did you know Janet Polosi has a Boeing 757 as her private jet? A much smaller jet would carry her to the west coast but this is what she uses. ) I am in the aviation idustry for 35 years.
Cavaleer Mountaineer
Cavaleer Mountaineer 29 gün önce
Nice, intelligent video until you just had to stick your foot in your mouth and talk about CARBON FOOTPRINT. Guess what? ALL THE JETS IN THE WORLD COMBINED OVER THEIR ENTIRE LIFESPAN DON'T LEAVE A "CARBON FOOTPRINT" AS BIG AS ONE SEASON OF LEAVES FALLING FROM TREES, YOU FUKIN IDIOT. How do normally intelligent people FALL FOR THIS STUPIDITY? All animals create more CO2 in one day than all jets and cars in a year. TF is wrong with yall?
James Godfrey
James Godfrey Aylar önce
I used to work at walmart, a buddy (and 10 other employees) got fired for eating a 0.98$ taquito from the deli that was going to be thrown away. The execs flew in to Marquette Mi in their private jets to fire them. He had to write a cheque for .98$ or get charged with larceny.
SuperVt100
SuperVt100 Aylar önce
Think you nailed it with the first part of your comment. Having an executive back in the same day keep then from burnout.
Anas Iqbal
Anas Iqbal Aylar önce
Great video. Awesome voice
J B Campbell
J B Campbell Aylar önce
STHU about Carbon footprints. Idiots. Natural Gas pockets around the world spew Millions Of Times the Easter into the air naturally every day than humans do in a year. Great video until the environmental Religious bS’ers showed up.
Das Wars
Das Wars Aylar önce
Talking 10 mins doubtful things, while 1 sentence in the comments explains it perfectly. That’s America! 😂😂😂
Liam
Liam Aylar önce
As soon as this wendover cuck mentioned climate change I left this comment and never came back.. even if anyone replies I’ll never return
Kamil Grzeszczak
Kamil Grzeszczak Aylar önce
Haven't these companies heard of Skype and other teleconference software? It would save them even more time and milions of dollars (if we assume that time of management people is worth the same as their salary, which I doubt).
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