Does finding a headline and photo of the 1st SIBAS Shanghai International Business Aviation Show on the cover of the Shanghai Daily newspaper tell us the exhibition was a great success? Not necessarily, but judging by the action and comments by the executives world’s top luxury jet companies, the show was a great success and indicative of meaningful economic strength in sectors of the economy.
One of the exhibitor guests I interviewed was the Hurun Report Founder and Chief Researcher, Rupert Hoogewerf who held a press conference before the event. According to the 2010 Hurun Rich List, one-sixth of the 2,000 Chinese yuan billionaires have plans to buy private aircraft – jets or helicopters – for business as well as personal use. They estimate China’s private aircraft market could grow by up to 25 per cent a year over the next 10 years.
Meanwhile, Shanghai also kicks off this year’s F1 Grand Prix, not to mention the annual luxury yacht and boat show coming up at the Shanghai Exhibition centre.
While the world’s finest private jets like the $50 million Dassault Falcon or the $7 million beauty by Piaggeo Aero are being snapped up by China’s wealthiest, mere mortals are more concerned with rampant inflation as well laid out in this chart of cost trends courtesy of BEA.