As the most reliable and balanced news aggregation service on the internet, DML News offers the following information published by MARKETWATCH.COM:
As the number of extremely wealthy people worldwide has grown, so too has the market for private flights.
Despite global warming being one of the major issues discussed at Davos every year, some 1,500 private jets are expected this week at the World Economic Forum in Davos, Switzerland, according to an estimate from Air Charter Service, up from 1,300 last year. “We have had bookings from as far as our operations in Hong Kong, India and the U.S.,” Andy Christie, private jets director at ACS, said in a statement. “No other event has the same global appeal.”
“There appears to be a trend towards larger aircraft, with expensive heavy jets the aircraft of choice,” Christie said. “This is at least in part due to some of the long distances travelled, but also possibly due to business rivals not wanting to be seen to be outdone by one another.” Over the past five years, most private jets have come from or are going to Germany, France, U.K., U.S., Russia and United Arab Emirates, he added.
PrivateFly.com, a private jet service, expects between 1,200 and 1,500 private jets in and out of local airports around Davos, double the average daily volume of flight traffic to the area. “The primary airport used by private jet customers flying to Davos is Zurich Airport. This is 148 kilometers away, or 1 hour 45 minutes by road. So some visitors will also charter a helicopter for a faster transfer time,” the company said.
Air travel comes with a hefty carbon footprint, generating greenhouse gas emissions that contribute to climate change. Davos attendees will have an opportunity to discuss that issue in depth, with “Safeguarding our Planet” the title of one of the panel sessions scheduled for Tuesday. “The World Economic Forum Climate Initiative provides a global platform to help raise ambition and accelerate climate action,” according to the WEF. “Public- and private-sector collaboration is essential to create a marketplace that will enable dramatic reductions in emissions and build resilience.”
To get more information about this article, please visit MARKETWATCH.COM. To weigh in, leave a comment below.