Magazine article USA TODAY

"New Jet Set" Loves to Spend, Spend, Spend

Magazine article USA TODAY

"New Jet Set" Loves to Spend, Spend, Spend

Article excerpt

The super rich always have been known to be different from the "average Joe;' but a recent study by Elite Traveler magazine redefines the New Jet Set and reveals just how different these individuals are by analyzing their spending habits. For instance, traveling commercial first class no longer qualifies one for membership in the New Jet Set. Today, with air travel more taxing and first-class cabins becoming less exclusive and filled with upgrades and discounts, the New Jet Set now sets its sight on private jet travel.

The study surveyed 661 private jet owners with an average income of $9,200,000 and a net worth of $89,300,000. Most of those surveyed are self-made millionaires who still draw multimillion dollar annual salaries. The New Jet Set is a powerful, privileged group that makes up less than one percent of the U.S. population, compared with affluent households with an average annual income of $75,000-$200,000 which make up 21% of the population. …

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