ABACE Convention News

Hawker Beechcraft Eyes China’s New Rich

 - March 27, 2012, 6:02 AM

“The population of wealthy [individuals] and their wealth [itself] is growing rapidly in China,” said Sean McGeough, Hawker Beechcraft vice president Europe, Middle East, Africa and Asia, at a press conference here at ABACE yesterday. There are now 1.3 million high-net-worth individuals with a combined wealth of $4.3 trillion in China, he said. Some 8,000 are ultra-high-net-worth individuals worth more than $30 million each, with a combined wealth of $1.1 trillion.

This rapid rise in wealth has caused business aircraft deliveries in China to climb by 59 percent, comparing 2006-2010 with the preceding five-year period. McGeough said that Hawker Beechcraft had done better than average, seeing a 103-percent rise in business jet deliveries and a 97-percent increase in turboprop deliveries in the Asian country on a similar time frame comparison. This has left it with a 41-percent share of the business aircraft market (including jets and turboprops) in China, said McGeough.

To continue to reach the ever-growing ranks of the wealthy–the potential business aircraft buyers–here in China and abroad, Hawker Beechcraft has launched the second edition of Journey, its luxury lifestyle magazine, in both Chinese and English versions. iPhone and iPad app versions of the publication are also available at Apple’s iTunes Store.