The Economics of Private Jets

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  • に公開 2019/07/16
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    Animation by Josh Sherrington
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    Thumbnail by Simon Buckmaster
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    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

コメント数 • 3 020

  • Wendover Productions
    Wendover Productions  ヶ月 前 +810

    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 18 日 前

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

    • Kristian Canoy
      Kristian Canoy 23 日 前

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

    • Wubbalubba dubdub
      Wubbalubba dubdub 26 日 前

      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 29 日 前

      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 ヶ月 前

      When will we be getting the next episode?

  • Kyle Fitzpatrick
    Kyle Fitzpatrick 3 時間 前

    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 12 時間 前

    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 23 時間 前

    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 日 前

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

  • lisa dodd
    lisa dodd 日 前

    HE SAID SPOKANE RIGHT YOU GET A LIKE SIR

  • NKT authentic
    NKT authentic 日 前

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

  • Divide By Zero
    Divide By Zero 日 前

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

  • Florin Pappa
    Florin Pappa 2 日 前

    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 2 日 前

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

  • GoneBamboo
    GoneBamboo 2 日 前

    Great for flying young'ns to your private island

  • GoneBamboo
    GoneBamboo 2 日 前 +5

    Makes sense if your flying underage girls with heads of state

  • Moe Saad
    Moe Saad 2 日 前

    Man I love all your airplane videos. Keep em coming and thank you!

  • Ocotillodavid
    Ocotillodavid 3 日 前

    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 3 日 前

    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 3 日 前

    And the minimum wage in USA is ?

  • Pat W
    Pat W 3 日 前 +1

    Got to know for a good future

  • ali rk 12345
    ali rk 12345 3 日 前

    It's not all about money it's about time in private jet tou can fly anytime you want

  • Kevin McGushion
    Kevin McGushion 4 日 前

    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 4 日 前

    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 4 日 前

    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 4 日 前

    Y ur voice deep??

  • Felix Murithi
    Felix Murithi 4 日 前

    The calculations on value for money are bullshit

  • Hoyt Benson
    Hoyt Benson 4 日 前

    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 4 日 前

    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

    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 4 日 前

    time is money

  • marymarluis
    marymarluis 5 日 前

    Can you talk about economic disaster of AIRBUS A-380????

    • ZK-APA
      ZK-APA 4 日 前

      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 4 日 前

      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 5 日 前

    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

    8:39 wonder what those two are talking about

  • Joshua C.
    Joshua C. 7 日 前 +1

    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 8 日 前

    are you the same guy from "Half as Interesting"?

  • MrSensitiveNipples
    MrSensitiveNipples 9 日 前 +1

    In as simple terms as possible: time is money.

  • Are you Serious
    Are you Serious 9 日 前 +2

    Wouldn’t it be cheaper to just drive from New York to Beijing? Psh stupid asses

  • Waseem Yusuf
    Waseem Yusuf 9 日 前 +1

    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 9 日 前

    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 9 日 前

    Your math is waaay off, dude.

  • Haroon khurram
    Haroon khurram 11 日 前

    celebrities use them the most

  • Notmiuser
    Notmiuser 11 日 前

    I'm too poor to watch this video.

  • Blame USA
    Blame USA 11 日 前

    Private jet is best because they steal all our money and change our countries!

  • BASE Kyle
    BASE Kyle 12 日 前

    OPPALENCE. YOU. OWN. EVERYTHAANG

  • Justin Jones
    Justin Jones 12 日 前

    I live in Bentonville, GO WALMART!

  • Les Gasl
    Les Gasl 13 日 前

    I’ve been waiting on this

  • William Lau
    William Lau 13 日 前

    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 13 日 前

    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 13 日 前

    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 13 日 前

    "I keeps a private Jet!"

  • Rosa I Guess
    Rosa I Guess 13 日 前

    Private jets are also good for going to international waters and private islands with guests of all ages

  • Anders Blomquist
    Anders Blomquist 14 日 前

    By using Skype the travelling time would be 0.

  • kamikaze GOD on fire

    Aahaaa

  • fladave99 Mills
    fladave99 Mills 15 日 前

    Private jets keep people away from the MUSLIM JIHAAD!!!

  • Groovy Games
    Groovy Games 15 日 前

    Why do you sound different?

  • christian legaspi
    christian legaspi 15 日 前

    Make a video about what happens if a baby is born on an airplane

  • Rubik
    Rubik 15 日 前

    nowadays there is no need for flights - business can be done online remotely easily!

  • Jake
    Jake 15 日 前

    PEASANTS.

  • Carl Senden
    Carl Senden 15 日 前

    Most people could do their business via email and Skype. No need to be there in person.

  • Vadim Propeleyentev
    Vadim Propeleyentev 15 日 前 +1

    I love the way they look personally

  • Stuart Conner
    Stuart Conner 15 日 前

    The execs don't care about how un-economic it is, they demand the opulence and status it signals.
    screw the shareholder.

  • SyncroScales
    SyncroScales 16 日 前

    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 16 日 前

    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 16 日 前

    The wealthy minority and military are the biggest polluters and wasters of resources. Time to end them

  • Dugie Joness
    Dugie Joness 16 日 前

    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 16 日 前 +1

    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 16 日 前

    Ceo's are not in business of making sense. Financial or otherwise. They spend shareholders' money with open heart.

  • BLacKNesMonsTaz
    BLacKNesMonsTaz 17 日 前

    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 17 日 前 +2

    6:10 *WALMART MANAGERS MAKE +$110K ???*

  • jcardboard
    jcardboard 17 日 前

    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 17 日 前

    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 17 日 前

    Ahh nooo! It was so good until you started talking about “carbon footprint”

  • annie00724
    annie00724 18 日 前

    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 18 日 前

    Short answer: "We just want it" [Read in a baby voice of a CEO].

  • Cimajé Horace
    Cimajé Horace 18 日 前

    It's a little odd hearing you enunciate your T's so hard

  • Amazing Sheppie
    Amazing Sheppie 18 日 前 +3

    Can you make a video about the economics of a hotel/hotel chain?

  • 是邪恶的习近平

    This is silly. VERY few companies charter these things. They buy them and keep a pilot on the payroll. That is what our firm does. Generally we don't fly one person alone. It enables several stops and stops at non-standard locations. Remote locations like Puerto Monte or Caldera or even local places like Greenfield. A jet costs maybe $12,000,000 for a top end corporate. But something like an Encore+ you can get for about $4 million with a op expense of about $2,000 an hour. Total yearly maintenance $200-300,000, so it can be justified, especially if you have a great number of people to fly at non-standard hours.