How a failed railroad investment birthed the world's largest private jet fleet

Countries & Cities · Published 10 October 2026 Swipe more like this →

In short: NetJets began as a chaotic, scandal-ridden venture involving midnight raids and illegal corporate maneuvering. Today, it stands as the global leader in private aviation, having pioneered the fractional ownership model that allows individuals to own a slice of a jet rather than the entire, expensive machine.

Founded in 1964 as Executive Jet Airways, the company initially struggled under the weight of illegal investments from the Pennsylvania Railroad. By 1969, the firm faced heavy fines from the Civil Aeronautics Board, and its leadership became embroiled in internal power struggles. A pivotal moment arrived in 1984 when Richard Santulli, a mathematician and former Goldman Sachs executive, purchased the company. Analyzing decades of pilot logbooks, Santulli envisioned a new economic model: fractional ownership. This allowed multiple individuals to share the costs of a single aircraft while maintaining guaranteed access to flight time.

The concept officially launched in 1987, and the company was acquired by Berkshire Hathaway in 1998 for $725 million. This backing fueled massive expansion, including the largest aircraft order in private aviation history in 2012, valued at $17.6 billion. The model is built on flexibility; owners purchase shares of specific aircraft types, granting them 50 to 400 hours of annual flight time with as little as four hours' notice. If their specific jet is unavailable, the company provides a comparable or larger replacement.

Despite its dominance, NetJets has navigated complex challenges, from labor disputes and tax battles with the IRS to the shifting optics of luxury travel. During the COVID-19 pandemic, demand surged as health concerns outweighed environmental criticisms, leading the company to suspend its popular jet card program temporarily. Today, the firm is pivoting toward sustainability, investing in sustainable aviation fuel and exploring future technologies like eVTOL networks, though it remains subject to the volatility of the aerospace industry, as seen in the insolvency of its partner Lilium in 2024.

The company's scale is immense, operating a global fleet of more than 800 aircraft as of November 2025. While it maintains a massive footprint in the United States, it also operates extensively through subsidiaries like NetJets Europe, based in Portugal. By decoupling the utility of private flight from the burden of full aircraft ownership, NetJets transformed a niche service into a cornerstone of modern corporate and personal transportation.

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