Chinese demand for business aircraft will grow more than 30 percent in the next five years as the country mints new billionaires and opens new airports, a report has forecast.
There are only about 300 business aircraft in use in China, but "potential purchase demand" stands at about 1,750 jets and the number is expected to reach 2,320 by 2020, according to the report released by Minsheng Financial Leasing and Hurun Report on Wednesday.
Rupert Hoogewerf, publisher of the Hurun Report, the monthly magazine known for its China Rich List, is upbeat about China's business aviation market as more Chinese are likely to make fortunes in the booming private economy and the government has pledged to build more than 50 new civilian airports by 2020.
Hoogewerf's latest ranking of China's super-rich, released in February, showed the country has the highest number of billionaires in the world at 568, compared to 535 in the United States.
But there are about 15,000 owners of 17,000 business aircraft in the United States, according to Washington's National Business Aviation Association.
Wednesday's report said that the number of Chinese mainlanders capable of buying business aircraft would rise from 1,420 to 1,850 by 2020 and that about 12,000 people would be able to lease them.
Business aircraft, popular with global buyers for their independence, efficiency and privacy, usually cost upwards of 100 million yuan (15.5 million U.S.dollars).
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