Changing Face of the Jet Set

June 26, 2007— -- Demand for private jet charters is rising, and not just from the usual quarters: entertainers, sports stars, moguls and the idle rich. The newest charter jet customers once flew commercial first class, when that meant something special.

They are, for example, business executives and professionals who can justify spending tens of thousands of dollars for a private charter jet because their entire executive team can make it to a critical meeting and back in one day -- unhurried.

There's no waiting in line to check a bag, then standing in a security line, then running for the flight only to find it is delayed. There's no disappointment that only a snack mix will be served. There are no strangers in the next seat who talk or drink too much.

The National Air Transportation Association, a charter jet trade group, says charter hours flown are growing 10 percent annually thanks to the growing number of super-rich, the improving quality of jet charters and the deteriorating quality of U.S. airline service. Charter jet revenue is rising 20 percent a year in part because of costlier fuel.

Charter jet prices range from about $2,500 an hour for a small twin-engine Cessna Citation jet carrying a few people to $15,000 an hour for a Boeing Business Jet, a version of the Boeing 737.

Jim Betlyon, head of CharterX, a New Jersey-based charter jet exchange, cites robust demand from Eastern Europe and Asia as well as the USA and Western Europe.

"The Russians," he says, "are flying the pants off of executive jets."