Market Trends of europe business jet Industry
Rise in the HNWI population acting as the major growth driver for the market
- HNWIs and UHNWIs often own private jets for personal or business travel. Europe is home to a multitude of scenic and exclusive destinations that may not be easily accessible through commercial flights. Business jets provide the opportunity for HNWIs to fly directly to remote locations, avoiding congested airports and time-consuming connections. In 2022, the number of UHNWIs in Europe increased by 5% compared to 2021. This was because the Eurozone utilities, tech stocks, and luxury goods sectors performed well, registering solid gains. Europe recorded the third significant rise in the ultra-wealthy population, which recorded 67% of the global HNWI population during 2017-2022.
- The leading position of Europe in terms of the number and assets of HNWIs is mainly attributed to Germany, France, and the United Kingdom. In 2022, these three countries alone recorded 67% of the total HNWIs in Europe. Germany led the HNWI population with 3.5 million HNWIs, followed by France with 3.07 million and the United Kingdom with 2.9 million. The United Kingdom attracts a steady stream of high-net-worth individuals from Africa, Asia, and the Middle East. Russia saw the least growth in the HNWI population, which recorded 2%. This was because well-off people have been moving out of Russia every year for the past 10 years, a sign of the current issues the country is facing. The crisis in Ukraine posed risks to the global economy, especially to inflation and financial markets. However, the market is expected to recover during the forecast period. In 2030, the HNWI population is expected to grow by 18.4 million.
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