More UHNWs and new millionaires via IPOs are providing tailwinds for private jet demand, according to a new report from Jefferies.

Doug Gollan

A flood of new wealth being created by IPOs and the overall increase in the population of ultra-high-net-worth individuals is providing sellers of private jets and private jet flight programs with a strong tailwind for the foreseeable future, according to a just-published report from investment bank Jefferies.

Jefferies reports that year-to-date IPO proceeds in 2026 are almost three times 2025 full-year levels. Through June, IPOs had netted $125.6 billion versus $45.3 billion all last year. The Jefferies numbers exclude SPAC IPOs and only offerings with a deal size of at least $20 million. IPO activity and new private jet deliveries are 70% correlated over the past decade, except for the 2020 and 2021 Covid years.

It's not just IPOs. Citing Knight Frank numbers, Jefferies analysts Sheila Kahyaoglu and Ceara Perry write, "The global billionaire and UHNW population has grown at a 5% compound annual growth rate since 2019, culminating in a staggering total of 713,626 UHNW individuals and 3,110 billionaires," adding, "Over the period, the global UHNW and billionaire population correlated 83% to business jet departures."

Global private jet departures were up year-over-year through June 28 by 3.7%, with North America up by 4.8%, according to WingX. That follows a 2.7% and 3.1% increase from 2024 to 2025, respectively.

flyExclusive Chairman Jim Segrave recently said May was the company's best month ever. The Raleigh, North Carolina-based private jet operator ranks fifth in the U.S. measured by charter and fractional flight hours.

NetJets Chairman Adam Johnson told CNBC during the Berkshire Hathaway annual meeting in Omaha, Nebraska, that after adding around 80 new private jets last year, the world’s largest private jet operator expects to take around 100 aircraft this year and again next year.

Also speaking to CNBC, Flexjet, Inc. Global CEO Andrew Collins said earlier this week, "We have 50 (new airplanes) coming this year, and if we could get another 50 I would." The Richmond Heights, Ohio, company trails only NetJets in girth.

Collins said in recent years, the average age of first-time fractional clients has dropped by 10 years, with some customers in their late 20s and early 30s. Those new entrants are starting with larger jets that can fly longer distances nonstop. Flexjet recently signed a deal with Gulfstream Aerospace to be the exclusive provider of fractional shares in both the G500 and G700.

Likewise, VistaJet reports that 47% of new customers are now under 45. Earlier this year, it announced it would upgrade its ultra-long-range Bombardier Global 7500s to Global 8000s, adding both speed and range.

In the U.S., ultra-long-range jets saw the highest growth, per WingX, up 9.4% year-over-year with 121,465 segments. However, the market is still dominated by light jets, with nearly 600,000 departures through the first half of the year, accounting for over 40% of the market.

PlaneSense, which ranks sixth in the U.S. and will have 52 Pilatus PC-12 turboprops and 24 PC-24 light jets by the end of the year, is seeing strong demand. CEO George Antoniadis says the company has sold all shares for deliveries scheduled through November; however, he adds, "We have many solutions to welcome new clients immediately." The Pilatus aircraft are popular for their short-runway capabilities and ample space for oversize luggage and sporting gear.

In addition to UHNWs and newly minted IPO millionaires, demand is also being spurred by corporations. Delta Air Lines-backed Wheels Up says corporate accounts are its fastest-growing sector. It is doubling its fleet of Embraer Phenom 300s and Bombardier Challenger 300s, two aircraft popular with business flyers.

And it’s not just flyers who are jumping in. The M&A market is again frothy.

Last month, two private equity firms snapped up Calgary, Canada-based Air Sprint, a large player in the fractional jet market.

Surf Air Mobility has attracted investments from Ken Griffin's Citadel and Palantir.

Jet Linx, which relaunched its base partner program at the start of the year, says it has closed deals with five new partners, each of whom makes a seven-figure equity investment. Executive Chairman Jamie Walker says there are five more in the pipeline that could close this month. He expects to have 20 new base partners by the end of the year. Jet card sales are up 65% so far this year, according to Walker.

Yesterday, Fly Alliance announced that its President and Co-founder, Christopher Tasca, had led a buyout of the company, which ranks 14th among U.S. fractional and charter flight providers. Tasca who becomes CEO was backed in part by an investment from a longtime customer. Tasca says jet card sales are up 25% year-to-date.

Jefferies notes that while higher gas and jet-fuel prices that increase the cost of travel may damp demand from the rest of us, the opposite is true for private jets. "Despite fuel comprising 35% of business jet operating costs, demand stands to benefit more from oil wealth creation in exporting regions than falter from price sensitivity impacts," per the analysis.