High-net-worth individuals and new crypto millionaires in the UAE are fueling the rising demand for private charter jets, according to industry experts.
“There’s a unique market segment here. We’re seeing a lot of young crypto millionaires among our clients. The UAE is also an excellent hub for startups and a fantastic place for entrepreneurs to do business,” said Shafiul Syed, CEO of Royal Jet, speaking during the Mebaa 2024 exhibition at Dubai World Central.
Claudia Krajhanzl, vice president for passengers at Chapman Freeborn Aviation Services, shared a similar perspective: “Over the last few years, we’ve noticed a rise in high-net-worth individuals not just in Dubai but also in India.
Younger private jet users are becoming more common, including crypto millionaires. Our clientele is diverse, ranging from GCC countries to the broader IMEA region, and includes corporate executives, royal families, governments, and sports personalities.”
Crypto Wealth Drives Demand
Bitcoin recently hit a record high of $103,992.99, creating a surge in new crypto millionaires, especially in the UAE. The country also boasts the highest rate of crypto ownership globally, with nearly 30% of residents holding cryptocurrency, surpassing countries like Vietnam, the US, and Singapore.
The UAE’s appeal as a hub for millionaires has grown significantly. According to Henley and Partners’ Private Wealth Migration Report 2024, the UAE is expected to attract over 6,700 millionaires this year, the most worldwide. With 116,500 millionaires, 308 centimillionaires, and 20 billionaires, the UAE ranks 14th globally. Projections suggest the country will add 6,000 millionaires annually over the next five years, driven by its strong appeal to wealthy individuals worldwide.
Private Jet Demand Across Sectors
Private jet demand in the UAE is coming from diverse sectors, including governments, corporations, and families. “Post-Covid, demand was incredibly high. While this year is more stable, we’re seeing healthy single-digit growth. Globally, the Middle East is one of the strongest growth regions for private travel. With the UAE’s strong international ties and unique geopolitical position, travel demand remains robust,” explained Syed.
Paul James, director of sales and aircraft management at DC Aviation, highlighted the increasing activity in aircraft management in the region. “We’re seeing more pre-owned aircraft entering the market. Many private jet owners from India, Pakistan, and Arab countries base their planes in the UAE. Since Covid-19, there’s been an influx of wealthy individuals relocating here, including those from Europe and the Americas,” James noted.
