NetJets and the Jet Set reimagined
Some revolutions start quietly
A new way of thinking about airline travel
In the late 1980s, entrepreneur Richard Santulli introduced an idea that would quietly transform business aviation. Instead of purchasing an entire aircraft, why not buy only the portion you actually needed? That simple concept—fractional aircraft ownership—became the foundation of NetJets and changed the economics of private flying forever.
Selling time, not airplanes
The brilliance of the idea lay in its simplicity. Customers purchased a fractional share of a business jet, often enough to provide as little as 50 hours of flying each year. NetJets supplied everything else: the pilots, maintenance, insurance, scheduling, training, and operational support. Owners enjoyed the convenience of private aviation without the enormous expense and complexity of owning an entire aircraft. Business travelers could depart when they wished, fly directly to thousands of airports beyond the reach of most scheduled airline service, conduct several meetings in a single day, and return home that evening. The business jet became less a luxury than a remarkably efficient management tool.
Berkshire Hathaway acquisition fuels growth
The 1998 acquisition of NetJets by legendary investor Warren Buffett gave the young company not only financial strength but tremendous credibility. Under Berkshire Hathaway’s ownership, NetJets expanded rapidly, becoming the world’s largest purchaser of business aircraft and largest private jet operator. It also created an entirely new segment in the aviation industry. Competitors such as Flexjet and others entered the market, while charter operators and aircraft manufacturers adapted to the growing demand for shared ownership and professionally managed fleets.
The industry also evolved beyond fractional ownership itself. Jet cards and membership programs eventually gave travelers many of the same advantages without requiring them to purchase an ownership share, making private aviation accessible to an even wider range of customers.
South Florida’s role
One of the consequences of the Airline Deregulation Act of 1978 was that commercial airline routes became increasingly concentrated around major hubs. The rise of the private jet industry particularly benefited secondary airports such as Miami-Opa Locka Executive Airport, Fort Lauderdale Executive Airport, Boca Raton Airport, and Palm Beach International Airport, offering business aircraft the flexibility to operate outside the congestion of major airline terminals while providing convenient access to thousands of destinations across North America no longer served by major carriers. Today, these airports support a thriving community of charter companies, maintenance facilities, aircraft management firms, and private aviation services that contribute significantly to South Florida’s economy.
Pandemic fuels growth
The Covid-19 pandemic provided another boost to private jet travel. Business executives, families, entertainers, athletes, and medical professionals sought alternatives to crowded airline terminals and packed cabins. Charter companies reported unprecedented demand, while fractional ownership programs added customers at a pace few had anticipated.
Netjets remains undisputed leader
NetJets continues to hold a comfortable lead in the sector, with something like 42%-45% of global market share vs. closest competitor Flexjet’s 18%-20%. A comparison with scheduled airlines helps to provide an idea of NetJet’s size: As of mid-2026 NetJet’s fleet ranks 6th in the world, with over 856 aircraft.
Looking back, NetJets did more than launch a successful company. By making the benefits of private jet service available to thousands of companies and individuals, it transformed an exclusive luxury into an indispensable business tool—and in doing so, redefined the industry.
