4.4 • 796 Ratings
🗓️ 3 November 2020
⏱️ 19 minutes
🧾️ Download transcript
The world's richest people have become even richer this year, despite an economic crisis brought on by the coronavirus pandemic. Manuela Saragosa speaks to John Matthews, chairman of private jet company AirX, about the surprising resiliance of the private aviation industry despite global travel restrictions. Chuck Collins from the Institute for Policy Studies - a think tank in Washington DC - explains how the richest people in the world have added to their wealth in the pandemic, and what it reveals about inequalities in the US economy.
(Photo: Jeff Bezos, Amazon founder and the world's richest man, poses with his girlfriend Lauren Sanchez, pose outside the Taj Mahal in India in January 2020. CredIT: Getty Images)
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0:00.0 | Hello and welcome to Business Daily from the BBC. I'm Manuela Saragossa. Coming up, the wealthy individuals and businesses doing well amid the COVID pandemic. |
0:12.3 | We're finding that there's been an increase. So the people who used to travel first or business class are now coming into private aviation. We're having record months. |
0:22.0 | And those who aren't cheering that. |
0:24.3 | I mean, you can't have 600 billionaires in the US |
0:27.5 | make a trillion dollars when so many people have lost their livelihoods. |
0:31.4 | I mean, you just can't keep doing that |
0:33.2 | and expect that civil society is going to hold together. |
0:36.4 | That's all here in Business Daily from the BBC. |
0:42.0 | We have aircraft with two or three cabins inside, dining room area, |
0:46.8 | aircraft which then have a full bedroom and shower. |
0:49.8 | That's John Matthews, chairman and founder of Aerex, |
0:53.0 | a private jet hire company, describing some of the aircraft he leases out. |
0:57.1 | The Embraea lineage we have, which has a shower at the back, double bed, it has a dining area and a lounge. |
1:05.4 | We're finding that there's been an increase. So the people who used to travel first or business class are now |
1:12.0 | coming into private aviation. And whether that be at a small turbo prop or light jet level or |
1:18.7 | a transcontinental jet, there is a flow of people coming from first and business class cabins to |
1:24.1 | private aviation. AirX is among several private jet operators that have reported an |
1:29.2 | influx of new business from first-time users, users willing to fork out a premium to travel in a way |
1:35.5 | that avoids contact with the general public. We're having record months. We are now able to take |
1:41.0 | most of what the market has to deliver and that market has more to deliver than it did |
1:47.0 | this time last year without a shadow of a doubt. So what kind of people are hiring private jets at |
1:52.8 | the moment? I mean, is the profile of your typical customer changing? Yes. So we have a lot of |
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