Flying With the One Percent
Jun 4, 2014, 11:51 pm
#46
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the 0.1% flies private.
Being in the top 1% of the US is very different if you live in CA or NY vs elsewhere, where the $9MM of assets required for entry buys you two nice houses, and not much else. If you're in the lower 1/2 of the top 1% in CA or NY, you really don't feel anything more than very upper middle class - you certainly don't feel rich - and consequently a mix of J F and Y probably exists. If you're elsewhere and in America's top 1% you're probably using the excess cash for J or F.
Being in the top 1% of the US is very different if you live in CA or NY vs elsewhere, where the $9MM of assets required for entry buys you two nice houses, and not much else. If you're in the lower 1/2 of the top 1% in CA or NY, you really don't feel anything more than very upper middle class - you certainly don't feel rich - and consequently a mix of J F and Y probably exists. If you're elsewhere and in America's top 1% you're probably using the excess cash for J or F.
Jun 6, 2014, 12:04 am
#47
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Jun 7, 2014, 3:59 pm
#48
Join Date: Nov 2007
Posts: 2,946
There is a big difference between being worth $1,000,000 and making $1,000,000. Which is the millionaire? When I was young, there was a television show, "The Millionaire", in which John Bersford Tipton would give a total stranger $1,000,000, making them a "millionaire". Today, many middle class folks are close to, or exceed, the net worth figure (including their homes) - thanks to inflation and government policies (of all administrations). I would define a millionaire as one earning that much per year. I have known a lot of 1%ers who fly coach or maybe business, even internationally, especially for vacations.
I wonder if the same rules apply to hotels (staying in a luxury hotel/resort vs. a Hampton Inn, ect.).
Last edited by Shangri-La; Jun 7, 2014 at 4:26 pm
Jun 9, 2014, 10:00 pm
#49
Join Date: May 2014
Location: NorCal
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Some of the 5% flies private too. Keep in mind general aviation that includes things like a Piper or some Cessna planes. That means more people can afford to fly private than just a subset of the 1%. Most private flights don't really fit into the popular image of flying in a luxury private jet.
On the topic of actually piloting planes, one thing I've looked into (and fantasized about) is fighter jet ownership. Given how many fighter jets governments around the world have produced for wars that never materialized, there are a lot of functioning jets available for well below cost prices. Obviously maintenance and fuel are what make the costs impractical, but you can buy a functioning MiG-21 for $70k, and even something as relatively modern as a MiG-29 can be bought for <$3MM (government of Hungary is selling!). I know Ellison and Paul Allen own and fly fighter jets.
Anyone heard of any lesser 1%ers having similar hobbies?
Jun 10, 2014, 8:42 am
#50
Join Date: Sep 2013
Posts: 2,188
On the topic of actually piloting planes, one thing I've looked into (and fantasized about) is fighter jet ownership. Given how many fighter jets governments around the world have produced for wars that never materialized, there are a lot of functioning jets available for well below cost prices. Obviously maintenance and fuel are what make the costs impractical, but you can buy a functioning MiG-21 for $70k, and even something as relatively modern as a MiG-29 can be bought for <$3MM (government of Hungary is selling!). I know Ellison and Paul Allen own and fly fighter jets.
Just out of curiosity, what type rating do you need to fly one of these?