S’pore hosts first private aviation show for wealthy visitors

Singapore’s first private aviation show at Seletar Airport, which will be held next week, is targeted at ultra high net worth individuals, with over US$30 million in liquid assets.

200 tycoons and business leaders mostly from Indonesia, Malaysia and Singapore will be in town for the MillionaireAsia Private Aviation Show and the Formula One Grand Prix as well.

Singapore has one of the fastest rates of growth in millionaires, along with China, India and Indonesia.

According to the latest Merrill Lynch World Wealth Report, the number of these individuals in Asia have increased by 12.2 per cent in 2007, the largest growth rate worldwide.

Seven planes are expected to be on show and they cost anything between US$5 million and US$30 million. Organisers say 80 per cent of buyers use planes for business.

The visitors to the show include global business leaders, royalty, hotel owners from places like Malaysia, the Middle East and Europe.

Experts predict that the number of corporate jets in Asia will grow to 1600 or 12 per cent of the world’s total fleet in the next ten years.

Chuck Woods, chairman, Asian Business Aviation Association, said: “You see some markets that are really picking up. Singapore is a big market now. Hong Kong is on fire and Beijing is picking up.

“The market is growing such that people who would build maintenance facilities and hangars are coming. And you see it here in Singapore Seletar Airport. ”

Experts said the recent financial turmoil will have little impact on the private jet industry as it’s targeted at the top two per cent of business travellers.

Source : Channel NewsAsia – 19 Sep 2008

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