Golden Week: UHNW Chinese buyers jet in as sterling sinks

Currency slide has triggered influx of HNWIs this week, says private aviation firm

The number of private jet charters from China to Europe has rocketed by 33% over the last 12 months, notes Magnus Aviation, and the firm predicts that sterling hitting a 31-year low against the dollar right at the start of Golden Week could trigger a further influx of UHNWIs in search of a bargain or two.

Magnus is sure there’s a link between the booking of PJs and the currency fluctuations of recent months (sterling has also fallen by more than 12% against the Chinese Yuan since the Brexit vote), and says the number of enquiries from China to charter private jets to the UK has doubled year-on-year. There’s also been a 10% rise in private jets arriving on British soil from other parts of Asia.

Golden Week is a national holiday in China where three days of paid holiday are given, and the surrounding weekends are re-arranged so that employees have seven continuous days of holiday.

James Armstrong, Head of Commercial Development at Magnus Aviation: “Concerns over Brexit has seen Sterling hit a massive low against the dollar, and this combining with Golden Week should see a surge in high net worth individuals from China and elsewhere flying into London to visit the capital and buy luxury goods at bargain prices for them.”

In the year ending September 2015, the UK issued over 484,000 visas in China, a 20% increase on the previous year – some 404,000 of these were visit visas – a rise of 22%.

Image by Eugene Butler (CC-BY-SA-2.0)