• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

2

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

3

Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay

1

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'

2

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

3

Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay
SuccessWealth

The scourge of ‘heir pollution’ shows that the rich are exacerbating climate change—and the dynastically wealthy are leading the charge

By
Jane Thier
Jane Thier
Down Arrow Button Icon
By
Jane Thier
Jane Thier
Down Arrow Button Icon
May 3, 2023, 11:51 AM ET
man on private jet
Blame trust fund babies for polluting the air.Getty Images

No wonder the super-rich don’t tend to stop and smell the roses: The sky is blanketed in smog.

Private jet usage has skyrocketed 20% since the start of the pandemic, and the resulting emissions have jumped over 23%, according to a new report from the left-leaning Institute for Policy Studies (IPS) and the Patriotic Millionaires, who regularly urge the government to raises taxes on them. Often on board: the dynastically wealthy, who benefit from money passed down from one generation to the next, usually through a trust. Think major Succession vibes.

Over a quarter—26%—of the world’s “extremely wealthy” private jet owners either completely or partly inherited their wealth, according to the report, which looked at Wealth-X data regarding the relative net worths of jet owners and Federal Aviation Administration user data, as well as public information. With a wink, Kalena Thomhave, one of the report’s authors, coined a term for the scourge of trust funders in the skies: “heir pollution.” 

Many family dynasties rely on private jets for much of their travel; the report references the Mellon family, whose original wealth stems from the founding of Mellon Bank in 1869, as an example. 

But flying private is well-known to be just about the worst thing you can do from an environmental standpoint. Private jets emit at least 10 times more pollutants than commercial planes per passenger, per the report, and an estimated 1% of people are responsible for about half of all aviation carbon emissions.

That doesn’t seem to matter to the very wealthiest people. “The ultrarich consider their time to be at a premium […] and the consequential emissions, which are vast, don’t necessarily affect them,” Thomhave and fellow IPS report author Omar Ocampo tell Fortune.  

But the reality is that, most often, flying private is just one of the manifold ways ultrarich people pollute the planet. Per a 2022 Oxfam study, the richest of the rich emit, on average, over 1 million times the carbon dioxide each year as 90% of the population. They also tend to invest in companies that produce more emissions, Oxfam found. Every year, the scale of emissions stemming from billionaires’ investments equaled the entirety of carbon emissions from France.

Trust fund babies benefit from lower tax burdens when flying

That private jets come a dime a dozen among the dynastically wealthy “illustrates the unfairness of our current system: Family wealth dynasties form when the rich devote their resources to protecting their wealth and inheritances from taxation,” say Thomhave and Ocampo. “This has resulted in fewer tax obligations for the ultrawealthy, but it results in a heavier tax burden for the rest of us.”

Thanks to many jet owners’ attacks on progressive taxation, a provision was passed in the 2017 tax reform that allowed them to immediately write off the entire cost of a private jet, the researchers said. While that specific provision is set to expire in 2027, it’s “merely a further example of the environmental and economic costs of inequality.”

The report argues for a 10% sales tax on all pre-owned private jets and a 5% tax on new ones, which would have generated $2.2 billion in revenue in 2022. It also advocates for several other reforms, such as levying a tax on private jet fuel and a tax on “ridiculously short flights.”

Even millionaires who come from generational wealth are on board. Abigail Disney, nephew of Walt and a member of the Patriotic Millionaires, once called private jets a “cancer” and says she sometimes flies business class. 

Disney, a philanthropist who has long eschewed the vast trappings of her inherited fortune, said she understood that some very wealthy people fly private due to privacy and safety concerns. But she said they could fly business class on commercial flights just as well: “I fail to see what is so hard about that.”

This is hardly a new position of hers. In a 2019 interview, Disney said she’s donated approximately $70 million of her personal wealth since turning 21, and that she would support a law banning private jets, “because they enable you to get around a certain reality.”

While flying economy is significantly better for the earth than even flying first class—the latter generates seven times the emissions of the former—that’s not enough for Disney. This year, she tweeted in January, she’ll cut back on all air travel. “I’m weighing every trip against my personal cost/social benefit measure, from here on out.”

It’s unlikely that Disney’s peers will follow suit anytime soon. Per the IPS report, the private jet sector is smashing industry records: The size of the global fleet has grown 133% since 2000.

At the Fortune Workplace Innovation Summit, Fortune 500 leaders will convene to explore the defining questions shaping the workforce of the future—delivering bold ideas, powerful connections, and actionable insights for building resilient organizations for the decade ahead. Join Fortune May 19–20 in Atlanta. Register now.
About the Author
By Jane Thier
LinkedIn iconTwitter icon
See full bioRight Arrow Button Icon

Latest in Success

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Success

Anu Madgavkar, a partner at the McKinsey Global Institute
AIWorkplace Innovation Summit
McKinsey partner says up to 50% of work hours could be transformed within the next 5 years
By Emma BurleighMay 21, 2026
9 hours ago
Jeff Bezos
SuccessWealth
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
9 hours ago
Photo of MacKenzie Scott
SuccessMacKenzie Scott
MacKenzie Scott gave away more than $7 billion last year—but her secretive style got her snubbed from a top donors list
By Sydney LakeMay 21, 2026
10 hours ago
Ex-Facebook exec Sheryl Sandberg tells Gen Z the 10-year career plan is dead thanks to AI:  ‘Don’t script your career when the future is uncertain’
Successcareer
Ex-Facebook exec Sheryl Sandberg tells Gen Z the 10-year career plan is dead thanks to AI:  ‘Don’t script your career when the future is uncertain’
By Orianna Rosa RoyleMay 21, 2026
17 hours ago
elon
SuccessIPOs
SpaceX IPO targets $28.5 trillion total addressable market, mission to ‘make life multiplanetary’ and understand ‘true nature of the universe’
By Nick LichtenbergMay 20, 2026
1 day ago
Elon Musk sits with his fists together, looking up.
Commentaryspace
SpaceX will be worth trillions, but the space station that made it possible is worth even more — if we don’t squander it
By Tejpaul BhatiaMay 20, 2026
1 day ago

Most Popular

Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
Success
Despite a $500 million net worth, Shaq just finished his fourth degree. He warns graduates: 'Your character will take you further than your resume'
By Preston ForeMay 20, 2026
1 day ago
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Workplace Culture
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
By Preston ForeMay 19, 2026
2 days ago
Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay
Workplace Culture
Pay transparency is exposing a bigger problem: Most companies can't explain why they pay what they pay
By Sydney LakeMay 20, 2026
1 day ago
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
9 hours ago
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
Future of Work
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
By Mike Householder and The Associated PressMay 17, 2026
4 days ago
Dr. Bernice King on why companies that walked back DEI were never truly committed: 'If you retreat that quick…that reveals who you really are'
Workplace Culture
Dr. Bernice King on why companies that walked back DEI were never truly committed: 'If you retreat that quick…that reveals who you really are'
By Preston ForeMay 19, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.