UPDATE: Flexjet has just introduced its brand-new $96 million Gulfstream G700 private jet, marking a significant leap in luxury air travel for the ultra-wealthy. This stunning aircraft, unveiled in White Plains, New York, is being hailed as a “flying penthouse,” boasting lavish amenities that redefine what it means to travel in style.
The Gulfstream G700, available through Flexjet’s fractional ownership program, offers a jaw-dropping cabin space of approximately 465 square feet, making it larger than many New York City apartments. With a price tag of $20,000 per flight hour, the jet caters to the elite, including billionaire clients like Elon Musk and Jeff Bezos.
The jet features five distinct living areas, including a private bedroom with a full-sized bed, an upscale bathroom, and a luxurious dining area capable of seating up to six. Unlike cramped commercial airline bathrooms, the G700’s lavatory includes elegant touches such as white countertops and plush amenities.
Flexjet’s fractional ownership model allows clients to purchase flight hours, with prices ranging from $6,500 to the G700’s upper limit of $20,000 per hour. For context, this hourly rate is roughly eight times the average American’s monthly mortgage payment of about $2,300 as of 2025.
The demand for luxury private flying has surged, especially since the pandemic, with aviation reports indicating a 70% increase in fractional ownership from June to August 2023 compared to pre-pandemic levels. Flexjet CEO Michael Silvestro attributes this growth to wealthy travelers seeking privacy and cleaner travel options.
Younger clients, particularly from the Gen Z and millennial demographics, are increasingly entering the private aviation market. Data from Altrata suggests that this group currently makes up 8% of the global ultra-high-net-worth population and is projected to grow to 35% by 2040.
As of last year, the global fractional ownership market was valued at approximately $8 billion and is expected to nearly double to $16 billion by 2033. The rise of ultrarich individuals—over 511,000 globally—has fueled this trend, with many spending nearly $30 billion on private jets and yachts in the past year alone.
Flexjet’s G700 is equipped for long-distance travel, capable of flying up to 7,750 nautical miles without stopping, connecting cities like New York and Cape Town or Miami and Dubai directly. The aircraft can reach speeds of Mach 0.935 (about 717 mph), making it a top choice for those who value efficiency as much as luxury.
Flexjet’s G700 will not only feature high-end interiors but also dedicated cabin crew to cater to clients’ needs, enhancing the luxury experience. Passengers can enjoy high-speed Starlink WiFi, a mini movie theater, and customizable catering options that can range from gourmet meals to fast-food favorites.
With the unveiling of the G700, Flexjet positions itself at the forefront of the luxury air travel market, offering a glimpse into the future of private aviation. As the demand for such extravagant flying experiences continues to rise, the G700 sets a new benchmark for what the 1% can expect when they take to the skies.
Stay tuned for more updates as Flexjet rolls out its fleet of 12 planned G700s and transforms the landscape of private flying.