High flyers embrace executive jets

Airbus SAS, the French airplane manufacturer, has sold 25 of its 170 business jets in Asia, with 20 going to clients in China. According to a joint study conducted in April by Airbus and the UK-based Ledbury Research, China is expected to be home to about 1,040 dollar billionaires by 2020, a huge increase from the 470 recorded in 2012, which will put China on a par with the US.

Statistics from the US General Aviation Manufacturers Association show that of the 17,945 business jets in the world, 63 percent are owned by people in the North American continent. In 2013, the US was home to more than 14,000 executive aircraft.

However, China is catching up quickly and is now one of the fastest-growing markets for corporate jets. In 2013, 70 to 80 business jets - worth a combined total of $2.5 billion to $3 billion - were bought by Chinese clients, and there are now more than 400 aircraft of this type in the country, according to China Economic Weekly.