I Help Billionaires Buy Private Jets. Sometimes I Tell Them Not To.

• Mike Francis is the head of aviation finance at Citi.
• He advises wealthy clients on purchasing private jets, including when to hold off.
• Here is what today's private jet owners are looking for.

Skip the theater system, throw in a Peloton, and make sure there's a private space for Zooms.

Mike Francis, the head of aircraft finance at Citi, said a new wave of private jet owners is fueling demand for new amenities.

Before he'll even talk about add-ons like those, Francis has a word of warning. If a private jet costs more than 10% of your net worth, think twice.

At the low end, that translates to a net worth of $30 million. At the high end, closer to $1 billion.

Sometimes that means figuring out the right combination of ownership and chartering, an option that comes into play when a personal jet is in maintenance or for a quick golf trip. Other times, that means discouraging clients about purchasing one at all.

"I regularly talk people out of buying a private airplane," Francis, who advises clients on every aspect of their private aviation purchases, told Business Insider. "This is an expensive, depreciating asset."

Most private jets cost more than $1 million a year to run, industry insiders previously told Business Insider. The jet's crewmembers are typically full-time employees earning annual salaries as high as $400,000, and all certifications, insurance, and training are paid for by the owner. Hangars can cost six figures a year, and repairs run in the millions. Then there's an accountant, a lawyer, a management company, and a banker, who are all involved in the purchase and maintenance of a jet.

"Buying an airplane is like buying a little business," Francis said. "It's highly regulated, it's expensive, and you need other people to manage it for you."

Still, over the past decade, private jet usage has soared. In 2025, there were 3.9 million private jet flights — up 4% year over year and 34% over 2019 pre-pandemic levels, according to data from aviation intelligence firm WingX. It shows no signs of slowing, with flights up year-to-date.

"Twenty years ago, you didn't talk about your private jet; you kind of kept it in the closet," Francis said. "Now everybody knows Taylor Swift has an airplane, and celebrities are using them as part of their image."

That means more jets, more owners, and different wishlists. Here's what today's owners are looking for in their private jets.

If the internet doesn't work, that's a lost trip

"One theme that we are seeing is frictionless living," Francis said. "Think of somebody who's on a Zoom call at their house, they hop in their car, it continues on, they get on the plane. It should be a seamless transfer."

High-speed WiFi is a need-to-have, not a nice-to-have. Jets now commonly rely on Elon Musk's Starlink, which has become the standard for many fractional ownership firms. This premium internet can cost as much as $450,000 up front, plus subscription costs, industry insiders told Business Insider last year.

It's not just for work. State-of-the-art entertainment systems have fallen out of favor with private jet owners because those can quickly become outdated. Now, flyers bring their own phones and tablets, and rely on WiFi to keep themselves entertained.

"Grandkid gets on there with his iPad, downloads a movie off of Netflix, get the bill for $50,000," Francis said.

Comfort is key

Technology has advanced to the point that it's (almost) possible to forget you're in a metal tube at 40,000 feet.

From noise, humidity, and vibration levels to cabin pressure altitude to custom-fit mattresses, everything is optimized.

"The less the vibration that there is, the less noise there is, the less fatiguing it is for the person," Francis said.

The ask extends to overall wellness, too, with some owners, particularly younger ones, requesting workout areas for yoga or a Peloton.

An office with a view

While personal jets have grown more popular, most are used for at least some business purposes.

"It's pretty uncommon to have these airplanes purely as a lifestyle tool," Francis said.

In addition to the WiFi requirement, private jet owners are asking for dedicated workspaces. There may not be a formal office, but a VIP area will have pocket doors for privacy and seats with desks that fold out for impromptu calls.

Some larger jets now offer the option to add a shower, a technically difficult and expensive add-on.

"You're flying 12 hours, you're going there to land and go do business, you want to take a shower," Francis said.