As more millionaires move to the United Arab Emirates (UAE) in 2024 than any other country, Dubai’s private jet market is booming. The influx of high-net-worth individuals, especially in Dubai, is creating an unprecedented demand for luxury air travel. For these elite travelers, hopping on a private jet has become routine, whether it's for business or pleasure.

At Dubai’s VIP terminal in the early hours, a 14-seat luxury jet prepares to whisk its wealthy passengers off to Europe. Their preferences are met down to the last detail whether it’s custom bedding or a Big Mac onboard. Lilit Avetikyan, CEO of private jet company Voyex, calls it a “360-degree luxury lifestyle,” catering to every whim of ultra-wealthy clients, from gourmet meals to exclusive experiences.

A Growing Millionaire Magnet

Over 6,700 millionaires are expected to move to the UAE in 2024, with Dubai becoming the busiest market globally for properties over $10 million. This surge is also fueling the growth of private aviation in the UAE, with services expanding to cater to not only millionaires but also royals and government officials. Voyex, for example, offers access to more than 20,000 aircraft worldwide, ready for takeoff at a moment’s notice.

While the private jet market in the Middle East is growing rapidly, environmental concerns remain. Private jets are significantly more carbon-intensive than commercial flights, prompting a global debate. However, sustainable aviation fuel (SAF) is being explored to reduce emissions, and Emirates Airlines recently operated a demonstration flight using SAF. Despite these efforts, private jet passengers remain unapologetic, valuing their luxury experience over the environmental impact.

A Booming Market with No End in Sight

The private jet market in the Middle East is projected to grow from $566 million to $943 million by 2029. With ultra-high-net-worth individuals continuing to flock to Dubai, the demand for luxury air travel shows no signs of slowing down, further establishing Dubai as a global hub for the wealthy.

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