A recent visit by this publication to the Singapore Airshow highlighted the relatively undeveloped nature of the market and the enormous potential in the UHNW ownership sector.

The relentless march of the Asian ultra high net worth individuals to the top of most economic indicators continues unabated. However there is one segment in which they lag their global peers: business jet ownership. Asian UHNW individuals make up fewer than 10 per cent of global private jet owners, which is well out of balance with their growing global dominance in the share of wealth.

As the character Gordon Gekko says in the Oliver Stone movie Wall Street, “I'm not talking a $400,000 a year Wall Street stiff flying first class and being comfortable, I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time.”

Besides being an interesting market in its own right, the health of the private jet market is a barometer of how affluent and confident individuals in a certain region are. For an example of a report last year about developments see here, and an example of Asia's room for growth, see here.

While most of us browse the used car ads or visit showrooms to choose our personal transport, the seriously rich do it differently. For ultra-wealthy across Asia, accompanied by their private banker or investment team, last week’s Singapore Airshow was a chance to get up close and personal with the biggest and most advanced executive jets on the market today.

The buyers were indulged, given test flights and allowed to kick the tyres of the planes, should they have wished to do so. After all, if you are shelling out $65 million for the newest addition to your personal transport choice, a few perks can be thrown in.   

The 2014 Singapore Airshow is Asia's largest and one of the most important aerospace and defence exhibitions in the world. It is a global exhibition where the latest state-of-the-art systems and equipment, together with their related technologies and developments were displayed by the top aerospace companies from around the world.

Gulfstream, Cessna, Bombardier, Dassualt Falcon are legendary names in the executive aviation world along with fast-rising Brazilian firm Embraer. They all brought their top-of-the-range stable of jets to town. Adjacent to their flying palaces, the companies set up luxurious hospitality suites on site in an effort to reach out to prospective Asian buyers. Wining and dining along with the essential chill of air conditioning being the order of the day; I heard a champagne cork pop while I spoke with Heidi Fedak at Gulfstream - which may or may not have indicated a sale.

The airplanes, albeit glamorous objects of desire, have, however more basic and practical uses for Asia’s businessmen and women. Time for most of them is of the essence today, and sitting on your hands in an overcrowded airport, no matter that you are flying at the front end of the plane, doesn’t make commercial sense. You do not control the time you take off or land.

A real estate tycoon with a business empire spread across China may need to get from Shanghai down to Hong Kong then back up to Qingdao in one day and commercial links just won’t cut it. In flight wireless communication also makes sure they are never out of contact with the business.

For those who can afford the eye-watering sums, they can choose the colour and texture of the leather seats, the shade, hue and flow of the lamination of the hand-finished mahogany and of course whether they want a single or double bed in the rear bulkhead.

Another option for aspiring Asian business jet users is fractional ownership or leasing. Across the Americas and Europe fractional ownership is now a well-established approach for savvy UHNW travellers. Warren Buffett’s NetJets is probably the world leader in that space; it has recently established a new office in China. Headquartered in Zurich, ExecuJet has operations in Malaysia and China and has its eyes on carving out more market share of the Asian executive aviation market.

Throughout Asia and in particular China, Indonesia and Malaysia, demand may well be there. However, the supporting infrastructure is the weak link. Unlike the US and Europe where private airfields are well established, in most of Asia airports are run by government or military. Distances across Asia are vast even within individual countries and the tight landing rights and available air space are already dominated by commercial and military flights.

Even so, it all points to huge potential growth for the business jet executive jet whatever handle you give it. As well as the airplanes themselves, jobs will be created for experienced pilots, ground crew and new airports will be developed. In the short term the US market remains the dominant market but the sheer numbers of UHNW individuals building their wealth in Asia will see more demand for exclusive the business tools.

Meanwhile back on a strip of baking tarmac at the most southeasterly tip of the city-state where for a few days it became the most expensive parking lot in the world. None of the major business jet firms would comment on whether or not they had sold any planes; it was “confidential”.  

Tucked away in a corner though I found the friendly unassuming folks at Nextant Aerospace who did not have an exclusive high-class suite for potential clients and whose jet you were welcome to inspect. They claimed to have sold one of their jets which at circa $5 million + seemed like a good deal.