The Economics of Private Jets

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  • Published: 16 July 2019
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    Select footage courtesy the AP Archive

    References:
    [1] census.gov/quickfacts/fact/table/US/SEX255218; newflightcharters.com/private_jet_charter_flight_pricing.htm; charterhub.com/listings/aircraft/for-charter/list/?Mdltxt=G550&Manu=GULFSTREAM&mdlx=exact; privatefly.com/us/private-jets/longrange-jet-hire/Gulfstream-G550
    [2] hbr.org/2018/07/the-leaders-calendar#what-do-ceos-actually-do
    [3] epi.org/files/pdf/130354.pdf
    [4] bloomberg.com/opinion/articles/2017-10-31/in-defense-of-corporate-aircraft-no-really
    [5] linkedin.com/pulse/tesco-wal-mart-private-jets-fabrizio-poli/
    [6] uk.flightaware.com/resources/registration/N455DG
    [7] corporatejetsolutions.com/PDF/Aircraft%20Comparisons/Citation%20VII%20vs.%20Hawker%20700%20vs.%20Lear%2045.pdf; awin.aviationweek.com/portals/awin/pdfs/BCAOpPlanningGuide/2012_Production.pdf; aopa.org/news-and-media/all-news/2015/november/16/hourly-operating-costs-of-45-jets-compared
    [8] 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] stratosjets.com/private-jets/bombardier-7500/; trilogyaviationgroup.com/jet/Global-7500; privatefly.com/us/private-jets/longrange-jet-hire/bombardier-global-7500
    [11] economist.com/business/2012/04/14/winging-it
    [12] eia.gov/environment/emissions/co2_vol_mass.php; data.worldbank.org/indicator/en.atm.co2e.pc
    [13] 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

Comments • 3 052

  • Wendover Productions
    Wendover Productions   2 months back

    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: http://ExtremitiesPodcast.com

    • Ferdinand
      Ferdinand  2 months back

      @Tiogshi Laj 
      Right? I miss the old voice. This sounds like he's talking through a thick blanket.

    • Kristian Canoy
      Kristian Canoy  2 months back

      Hi Wendover!! I want to request a video about how airline alliances work. (Star Alliance, SkyTeam and Oneworld)

    • Wubbalubba dubdub
      Wubbalubba dubdub  2 months back

      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  2 months back

      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
      Everything about Romania  2 months back

      When will we be getting the next episode?

  • Peter R
    Peter R  24 hours back

    Well, there are good people that manufacturing these jets. So if there are people that are willing to buy them why not. More power to them. Except for Walmart. turn in the private fleet and pass the money off to the employees. I know that will never happen, but it's the thought that counts

    • Nathan Berrigan
      Nathan Berrigan  2 days back

      You can sometimes get a charter flight for super cheap when the plane needs to relocate.


      e.g. Someone charters a plane from NYC to Phoenix. Then someone else charters the plane from LA to NYC. The charter company will sell the Phoenix to LA leg for cheap.

      • Frank V
        Frank V  2 days back

        Wasted money Jesus Christ there’s no need for these Vice Presidents to do store visits is a waste time, money and resources.

        • Philip Sheppard
          Philip Sheppard  2 days back

          5:33 you said north east instead of north west

          • Nick Rogers
            Nick Rogers  5 days back

            You lost me when you started hugging trees. nice vid until then tho...

            • semi-atomic
              semi-atomic  6 days back

              Here goes my dream of having a private jet 😥

              • Aakash Shailendrakumar

                How to watch this video in hindi

                • vilstas
                  vilstas  1 weeks back

                  Nice explanation, interesting topic. You should rethink the 'man putting on a jacket' association with CEO though.

                  • C hill
                    C hill  1 weeks back

                    the world's rich and powerful people use these planes for sex trafficking children..

                    Source: look at what Epstein was doing...flying with tons of politicians, celebrities, and his sex slaves. These people are fucked.

                    • infinitecanadian
                      infinitecanadian  1 weeks back

                      The corporate elites get paid to do this and play with people's livelihoods. Companies are sometimes better off without executives.

                      • David Gretzschel
                        David Gretzschel  1 weeks back

                        6:57
                        Is this CEO worth that much, though? He seems to have some trouble with putting on their jackets....
                        I mean.... it's a complicated piece of clothing, to be sure, and he does put it on right faster than I would.
                        But for that money, I'd expect some more Bond-style suaveness, tbh.

                        • Justin Harris
                          Justin Harris  1 weeks back

                          The value of an employee's time to the company is far removed from their salary. If salary=monetary value to the company, the company wouldn't bother employing anyone. Value to the company will be many multiples of salary.

                          • Petr Gladkikh
                            Petr Gladkikh  2 weeks back

                            Calculating time that's "worth it" only makes sense if money earned for a company directly proportional to time spent on the job. Which is not true. Sometimes it may be justified but the sad answer is that it is entitlement - simple as that. CEOs are convinced they are entitled for all the perks.

                            • Kevin Johnson
                              Kevin Johnson  1 weeks back

                              You're right, money earned isn't proportional to time spent on the job, it's proportional to value added: who gives a fuck about how much time you spend? You can spend all day taking a shit on the job, doesn't mean you should be paid anything valuable. Money corresponds to value added & high level executives and CEO's, since they handle all of the administration and operations of the corporation, add immense value. I'd like to see you try to handle the problems of running a multi-national corporation.

                          • DR NO
                            DR NO  2 weeks back

                            A lot of CEOs make more than 50 million dollars per year when you consider stock options

                            • Napoleon 96
                              Napoleon 96  2 weeks back

                              There are non-stop flights between MNL and LAX tho

                              • Armistice
                                Armistice  2 weeks back

                                Flying private means if there is a meeting tomorrow on the other side of the globe, the executive can fly immediately.
                                While for commercial, the executive not only have to wait for the time the plane fly, but also go through custom which is a hassle.
                                Even buffet owns a jet so he can fly around

                                • Jace Curtis
                                  Jace Curtis  2 weeks back

                                  Aren’t there some company rules to limit the number of executives on one aircraft, public or private airplane either way?

                                  • ⵉⵜⵔⵓⵏⴰⵓⵜ

                                    Someone should tell Walmart that there's a thing called Skype.

                                    • ENDRAY GG
                                      ENDRAY GG  2 weeks back

                                      HELLO WENDOVER, PLANE AGAIN YES ??????????

                                      • david young
                                        david young  2 weeks back

                                        corporate jet in realm of car; as wealthy as sr management; sedan: camry; cadillac; ferrari; suv; and so forth; keeps 5 cars; while ferrari is not driven every day; to know has one; to drive when there is need; regardless; whether its met gala; or chinese hollywood walk of fame; having one just makes sense; even not used; even at pleasure;
                                        there is no law; sr managment must slave to stock holders who does no work and get paid; in abundance; above beyond they are due; for money;
                                        it takes no skill; to lend money; and what they get was more than justify moral and ethical standard in free entrprise as Henry Ford once said in lawsuit; over stockholder's rights;
                                        constitution does not enumerate; american citizens are to slave over money lenders;
                                        so what if sr managment bought private jet and flew around ; its no different thna them having ferrari in the garage;
                                        and lastly who would want money from people who dont want sr managment to fly private jet; becsue he want that money in his pocket?
                                        those people should buy stocks liken to dollar general; i dont want their money; i am the one with skill; no one would hire these stock holders; thats why they are not employed;
                                        these are people with no skill to guide stores; companies; all tehy care is money; and becaseu constiton does not recognize money lenders rights; money lend is not debt; therefore, not recognized under the constitution; thus their rights can be ignored under constitution; they are persona nongrata;


                                        so when you got it; you got it; and when you are the best; you should not do for free;

                                        • Joe Downing
                                          Joe Downing  2 weeks back

                                          0:36 Luxor from GTA 5

                                          • Android Galaxy
                                            Android Galaxy  2 weeks back

                                            WALMART AIR BASE ARKANSAS THINK MENA THINK BARRY SEAL THINK DRUG ARM TRAFFICKING

                                            • Android Galaxy
                                              Android Galaxy  2 weeks back

                                              PASSAGE : FREE UNDERAGE GIRL MASSAGE : LOYAL FOR LIFE JEFFS FRIENDLY ANGEL SERVICE 2008

                                              • Zach Smith
                                                Zach Smith  3 weeks back

                                                Bentonville is a town of 50,000 and so is Rogers, Springdale and Fayetteville. It’s basically one town of close 300,000 when you take all the small towns bordering all of the towns as well.

                                                • Brian Messemer
                                                  Brian Messemer  3 weeks back

                                                  Who is that man and what is he doing at 9:03 😂

                                                  • Tealie17
                                                    Tealie17  3 weeks back

                                                    You really like Spokane, it’s in a lot of your vids

                                                    • Denis Shvets
                                                      Denis Shvets  3 weeks back

                                                      just try to find first class tickets from London to Dubai for the next day for 6-8 people?
                                                      1. There will be no tickets available so you have to change plans or maybe miss the opportunity
                                                      2. And then when you finally find available seats you have to pay 10000 US dollars for one person for round trip,
                                                      when business jet can hold 8 persons with hi comfort any time YOU need.

                                                      • Aristocrafied
                                                        Aristocrafied  3 weeks back

                                                        You miss a very important point here. You only consider the salary of the person flying, not the value of the work they do. For instance my friend works at an engineering firm and makes about €50k a year but he knows he brings in more than 3 times that in profit for the company. These guys aren't flown over there just for nothing, they must have valuable insights that will improve profits, decrease expenditure or both.

                                                        • Lauren Conrad
                                                          Lauren Conrad  3 weeks back

                                                          So Walmart executives get private jets while their associates apply for food stamps? That is messed up, no matter how you crunch the numbers.

                                                          • Spidonix
                                                            Spidonix  3 weeks back

                                                            The world's best-selling jet is the 8 seater Cessna Citation XLS

                                                            • Spidonix
                                                              Spidonix  3 weeks back

                                                              You didn’t count on delays which does happen on private jet

                                                              • Zaid Habash
                                                                Zaid Habash  3 weeks back

                                                                This video shows how dumb Walmart can be, I mean why don't they hire more management crew that don't need so that they don't need private jets to travel and since they are on a lower scale than these vice presidents they'll get paid a lot less

                                                                • Michael Red Sox
                                                                  Michael Red Sox  3 weeks back

                                                                  With that amount of CO2 footprint, I'd say shoot down every private jet in the world.

                                                                  • Joe Campbell
                                                                    Joe Campbell  4 weeks back

                                                                    Right up there with Al Gore's $30,000 utilitiy bills. YOU all need to make sacrifices and change, not us.

                                                                    • Phil Pan
                                                                      Phil Pan  4 weeks back

                                                                      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  4 weeks back

                                                                        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 weeks back

                                                                          Carboon footprint = Marketing Scam.

                                                                          • Kyle Fitzpatrick
                                                                            Kyle Fitzpatrick  4 weeks back

                                                                            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 weeks back

                                                                              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  4 weeks back

                                                                                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  4 weeks back

                                                                                  THANK YOU for pointing out the carbon footprint. Please keep it up!

                                                                                  • lisa dodd
                                                                                    lisa dodd  4 weeks back

                                                                                    HE SAID SPOKANE RIGHT YOU GET A LIKE SIR

                                                                                    • NKT authentic
                                                                                      NKT authentic  4 weeks back

                                                                                      Please also make.. The Economics of... 1. Star hotels 2. Cruise liners and 3. Oil refinary companies

                                                                                      • Divide By Zero
                                                                                        Divide By Zero  1 months back

                                                                                        I don't think the Regional Vice President has visited my local Walmart recently...

                                                                                        • Florin Pappa
                                                                                          Florin Pappa  1 months back

                                                                                          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  1 months back

                                                                                            Carbon Footprint...................Right.

                                                                                            • GoneBamboo
                                                                                              GoneBamboo  1 months back

                                                                                              Great for flying young'ns to your private island