I toured a $96 million private jet. It's like a mini apartment and shows how extravagant flying has become for the 1%.

The author toured Flexjet's new Gulfstream G700 private jet.Taylor Rains/Business InsiderFlexjet bought $96 million Gulfstream G700 private jets to fly the ultrarich.The G700 is part of Flexjet's shared fleet, where one flight hour costs clients up to $20,000.I toured the ultra-luxe plane, and it's like a flying penthouse with a bedroom and kitchen.Flying economy from New York to London is one thing. Flying the same route on a private jet is another — and it's what the rich and famous are paying tens of thousands of dollars to do.Leading this luxury market is the Georgia-based private jet manufacturer Gulfstream and its ultra-luxe G700. Its cabin is larger than many New York City apartments.Billionaires like Elon Musk and Jeff Bezos bought a G700, while Homeland Security Secretary Kristi Noem reportedly spent $172 million on two for government use.The 1% can also access the luxury via the private aviation company Flexjet. It added the first of 12 planned G700s to its fractional fleet in September. Flexjet said each plane cost $96 million.Fractional ownership is like a timeshare for airplanes. Clients purchase hours on a fleet of jets, and Flexjet handles crew and fleet management. Customers pay only for the hours they fly.A Flexjet spokesperson said fractional hourly costs range from $6,500 to $20,000, with the G700 at the high end. For context, one hour on its most expensive jet costs roughly eight times the average American's monthly mortgage payment of about $2,300 in 2025.The pandemic accelerated fractional ownership. Aviation Week data shows a 70% increase from June to August compared to 2019. Flexjet CEO Michael Silvestro said wealthy travelers sought cleaner, simpler travel and more privacy amid jet trackers.Younger clients — mostly Gen Z and millennials aged 18 to 43 — are also entering the market, gaining wealth through self-made and inherited means. Data from the wealth intelligence company Altrata show this group makes up 8% of the world's ultra-high-net-worth population and is projected to reach 35% by 2040.With these clients largely insulated from economic downturns, the global fractional ownership market was about $8 billion last year and is expected to balloon to nearly $16 billion by 2033.Ultrarich people worth more than $30 million — now about 511,000 globally and set to grow 31% by 2030 — spent nearly $30 billion on private jets and yachts last year alone. See inside one of those ultimate luxuries.The G700 is like a flying penthouse.The G700 was on static display in White Plains, New York.Taylor Rains/Business InsiderWith about 465 square feet of cabin space, the G700 has up to five living areas and is around the same size as a studio apartment in New York City.It's larger than the city's microapartments, which average just 300 square feet.The list price is $78 million, but a Flexjet spokesperson said the company's G700 had add-ons that raised the price to $96 million.Flexjet's G700 features a separate bedroom.The bedroom could be closed off by a door.Taylor Rains/Business InsiderA bedroom with a full-sized bed and a private bathroom sits at the back of the aircraft.Flexjet said that despite the aft-placed engines, the room is very quiet.The bathroom has nice touches.The lavatory was nicer than some hotel bathrooms I've seen.Taylor Rains/Business InsiderThe G700 aft restroom features a white countertop adorned with flowers and hand towels, and the toilet is hidden under a thick seat to minimize the eyesore in the space. There is no shower.A second bathroom is located in the galley area and is just as nice. They're far from the tight (and often messy) lavatories on most commercial airlines.There's a lounge space for socializing or business meetings.There were two sets of two loungers in this space.Taylor Rains/Business InsiderA forward zone is set up like an office space with large swivel loungers and tables. Power ports and cupholders are readily available.The jet also has high-speed Starlink WiFi.Meals can be enjoyed in the dining room.The table between the sets of chairs can rise up and extend across the cabin.Taylor Rains/Business InsiderThe dining room can host up to six people thanks to a convertible table that stretches across the cabin. Standard catering is included in the hourly price.Clients can request specific meals be catered onto the jet — and it could be practically anything, from Michelin-starred cuisine to McDonald's.Cuddle up with a book in the lounge or watch a movie.The TV sits across from the couch in the movie area.Taylor Rains/Business InsiderForget the headrest touch screen — Flexjet's G700 features a mini movie theater located just before the bedroom.Here, there is a convertible couch, complete with seat belts, and a television.The interior is not Flexjet's usual offering.The plane has giant panoramic windows.Taylor Rains/Business InsiderFlexjet is known for its grandiose cabin designs, such as the two Gulfstream G650s inspired by Bentley and the Isle of Capri.Flexjet plans to glamorize the interior of its new G700s over time, and they will feature the standard bells and whistles in the meantime.Private flying still comes with cabin crew.The galley area had tools and plenty of workspace for preparing meals.Taylor Rains/Business InsiderAs part of the program, Flexjet's G700 includes a specially trained cabin crew member who attends to the ultrarich clients by preparing food, serving drinks, and prepping the living spaces.They have tools in the jet's kitchen to warm up meals, plus storage and counter space.Flexjet's G700 configuration can hold up to 15 passengers and sleep up to nine.The couch in the movie room can convert into a bed.Taylor Rains/Business InsiderThe bedroom can accommodate three people between the full bed and the convertible lounger.There are three other sets of loungers throughout the jet that convert into single beds. A pair of side-by-side loungers turns into a double. The divan in the movie room is another sleep option for one person.The cabin attendant has their own rest area.The area for cabin crew at the front of the jet.Taylor Rains/Business InsiderThe space, complete with a bed, is located at the front of the plane behind the cockpit and can be closed off from the main living areas.The G700 can fly up to 7,750 nautical miles nonstop.The G700 is a dual-pilot plane.Taylor Rains/Business InsiderIts maximum speed is Mach 0.935 (about 717 mph), and it can cruise at Mach 0.90 (about 690 mph).The plane can connect faraway places like New York and Cape Town, South Africa, and Miami and Dubai nonstop.The longer the flight, the higher the cost. A 12-hour flight at $20,000 per hour would be roughly $240,000, before any additional costs such as a fuel surcharge.Qatar Executive also flies the G700.The bedroom in a Qatar Executive G700.Taylor Rains/Business Insider.Qatar Executive, the private arm of Qatar Airways, operates the G700 on a charter basis, meaning clients don't participate in a shared plan and instead pay on demand.The one-way price between New York and Doha can cost a whopping $300,000.Read the original article on Business Insider

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