There are only 630,000 pilots in the U.S., making up just 0.1% of the population. This is dramatically different from more common recreational activities such as golfing (26 million golfers in the U.S.). Although the number of private pilots in the U.S. is quite small, a significant percentage of private pilots are multimillionaires. Find a place where there are private pilots, and it likely that there are going to be several multimillionaires among the group. Here are five reasons why:
Piloting private planes is generally thought of as being a risky activity. Private pilots have a personality trait which makes them comfortable with risks which is also generally required when generating wealth. Pilots use this personality trait in their professional lives, and it leads many private pilots to be entrepreneurial and leading professionals in their fields like healthcare, law, and finance. Therefore it is common for private pilots to have professions with very high incomes.
Private pilots tend to be amongst the most successful business people in a community. By being a private pilot, it gives them an opportunity to network and build relationships with other very successful business people. These relationships and networks provide them advantageous business and professional opportunities.
A study referenced by The Wall Street Journal discovered that thrill seeking pilots are leaders that inspire creative thinking. This ability to inspire creative thinking has been shown to allow pilots to be able to quickly solve complex problems. Generally people, like pilots, that are able to solve complex problems are highly compensated. As a result, it is not surprising that private pilots generally are multimillionaires.
Pilots make up only 0.1% of the U.S. population. Therefore, they are comfortable marching to the beat of their own drum. They are not crowd followers. In order to create wealth, it often means doing things differently than the crowds. By being a member of a very small group, pilots clearly demonstrate that they don’t follow the crowd.
Becoming a private pilot is an expensive recreational activity which is only affordable to a certain percentage of the population. On average, obtaining a private pilot license will cost $6,000 to $10,000. Additionally, purchasing a new single engine airplane will cost $450,000, or renting a single engine plane will cost $150 to $300 per hour. Golf as a recreational activity is a bargain compared to the cost of piloting private planes. Although these costs can be reduced substantially through private flying clubs, obtaining a private pilot license and flying a private plane is still expensive. As a result, it is not surprising that those who are private pilots are generally multimillionaires.