Steve Varsano built his fortune selling private jets to the world’s richest people. As the founder of The Jet Business, he created the first street-level showroom for buying and selling aircraft. But exactly how much money has he made in his 40+ year career?
Let’s explore Steve Varsano’s net worth, career path, and how he became a key player in the luxury aviation world.
Steve Varsano Net Worth
Financial experts disagree about Steve Varsano’s exact net worth. Some sources claim it’s between $1 million and $10 million, while others estimate it could be as high as $70 million. Why such different numbers?
The main reason is that Varsano’s wealth comes from high-value jet sales rather than a steady salary. A single jet transaction can be worth $5-70 million, with his commission typically ranging from 1-3%. This means his income can change dramatically from year to year based on how many aircraft he sells.
His wealth also includes:
- Ownership value of The Jet Business
- London real estate holdings
- Investments in aviation companies
- Personal aircraft ownership
The private nature of Varsano’s business makes it hard to pin down exact figures. Unlike public company CEOs, he doesn’t have to share his earnings. What we do know is that he consistently works with clients worth $30 million or more, and has handled over $4 billion in aircraft transactions throughout his career.
Career Highlights
Steve Varsano didn’t start out selling jets. His 40+ year journey through aviation took several turns before he found his niche.
After graduating from Embry-Riddle Aeronautical University, America’s top aviation school, Varsano began his career in Washington D.C. He worked as a lobbyist for aviation interests, learning the political side of the industry before moving into sales.
By the 1980s, Varsano had shifted to selling corporate aircraft. He quickly stood out by focusing exclusively on high-net-worth clients. While most brokers tried to sell to anyone, Varsano targeted only the ultra-wealthy who could afford jets without financing.
His career milestone came in 2010 when he launched The Jet Business in London. This wasn’t just another brokerage – it was the world’s first street-level aviation showroom. Located in Hyde Park Corner, an area known for luxury car dealerships, The Jet Business brought private jet sales out of back offices and into a visible retail space.
Before opening his own company, Varsano gained experience through roles at:
- Various jet brokerages in the United States
- Advisory positions with XOJET
- Consulting work with Virgin Galactic
This diverse background gave him insight into multiple parts of the aviation industry, from manufacturing to sales to regulations. By the time he opened The Jet Business, Varsano had built relationships with wealthy clients across Europe, the Middle East, and America.
The Jet Business
The Jet Business stands as the crown jewel in Varsano’s career and the main source of his wealth. What makes it special in the world of private aviation?
The company’s showroom breaks all the rules of how private jets are typically sold. Instead of meeting clients at airports or in bland offices, Varsano created a luxury retail experience. His London showroom features:
- A full-size mock-up of an Airbus Corporate Jet cabin
- Wall-sized interactive screens showing life-size aircraft interiors
- Cutting-edge technology that lets clients compare different jet models
- Street-level visibility in one of London’s wealthiest neighborhoods
This approach revolutionized how the super-rich shop for aircraft. Before The Jet Business, buying a private jet meant visiting multiple airports and manufacturers. Varsano streamlined this process into a single, luxurious experience.
The company focuses on aircraft worth $10 million and up, with many transactions exceeding $50 million. Varsano has said his average client has a net worth of at least $30 million, though many are billionaires. By specializing in this ultra-luxury market, The Jet Business maintains higher profit margins than brokers who handle cheaper aircraft.
When Brexit happened in 2016, many predicted disaster for London’s luxury market. Instead, Varsano adapted. While some ultra-wealthy clients left London, others saw opportunity in the changing market. Varsano positioned himself as an expert in navigating the new regulations, maintaining his business despite the political turmoil.
Age and Background
Born in 1964, Steve Varsano is currently 61 years old. His aviation journey began much earlier than his luxury jet business, though.
Raised in New Jersey, Varsano showed early interest in aircraft. He earned his pilot’s license as a teenager, years before he could legally drive a car. This passion led him to Embry-Riddle Aeronautical University in Florida, where he studied aviation business management.
Unlike many wealthy entrepreneurs, Varsano didn’t come from money. He built his fortune through deep knowledge of aircraft and an understanding of how the ultra-wealthy make purchasing decisions.
Varsano keeps much of his personal life private. What we do know is that he’s in a relationship with Lisa Tchenguiz, a well-known figure in London’s social scene and sister to prominent businessmen Robert and Vincent Tchenguiz. The couple has been together for many years, appearing regularly at high-society events in London.
His personal brand combines aviation expertise with luxury lifestyle knowledge. On social media, particularly LinkedIn, Varsano shares insights about the private jet market while displaying his connections to celebrities and business leaders who form his client base.
Controversies and Challenges
Despite his success, Varsano has faced significant challenges throughout his career.
The 2008 financial crisis hit the luxury aviation market hard. Many wealthy individuals sold their aircraft as their fortunes shrank, flooding the market with used jets. During this period, Varsano had to adapt by focusing more on helping clients sell their aircraft rather than buying new ones.
Brexit created another hurdle. London’s status as a hub for Europe’s wealthy came into question, potentially threatening The Jet Business’s prime location. Varsano navigated this by emphasizing London’s continued importance as a global financial center and by expanding his client base beyond Europe.
The COVID-19 pandemic presented both challenge and opportunity. While travel restrictions initially reduced demand, the perceived health risks of commercial air travel eventually led to increased interest in private aviation from new buyers. Varsano adapted his business model to accommodate virtual showings when in-person visits weren’t possible.
Critics sometimes question the environmental impact of private aviation, putting businesses like Varsano’s in the spotlight. He has responded by highlighting the industry’s move toward more fuel-efficient aircraft and sustainable aviation fuels.
How Steve Varsano Built His Wealth?
Looking at Varsano’s career path reveals several key strategies that built his fortune:
- Specialization: Rather than selling all types of aircraft, he focused exclusively on high-value jets for the ultra-wealthy.
- Innovation: The street-level showroom concept changed how luxury aircraft are sold.
- Relationship building: Varsano maintains long-term connections with clients who might buy or sell multiple aircraft over decades.
- Market timing: By opening The Jet Business in 2010, as the market recovered from the 2008 crash, he positioned himself for the rebound in luxury spending.
- Location strategy: Choosing London gave him access to wealthy clients from Europe, the Middle East, and Russia, all within comfortable travel distance.
Each aircraft transaction Varsano brokers typically yields a commission of 1-3%. On a $50 million jet, that means $500,000 to $1.5 million from a single deal. While the exact number of transactions he handles annually isn’t public, even a handful of deals per year would generate substantial income.
Beyond commissions, The Jet Business offers consulting services to wealthy clients, aircraft manufacturers, and financial institutions. These additional revenue streams provide more stable income between major sales.
Investment and Assets
While private jet sales form the core of Varsano’s wealth, he has diversified his assets over time. His investment portfolio likely includes:
- Commercial real estate in London, particularly The Jet Business showroom property
- Minority stakes in aviation manufacturing or service companies
- Personal aircraft (though he typically sells rather than collects planes)
- Luxury properties in London and possibly other global cities
Compared to other aviation entrepreneurs like Richard Branson, Varsano maintains a lower public profile. His wealth is substantial within the specialized world of aircraft brokerage, though not at the billionaire level of major airline founders or aircraft manufacturers.
The Future of Varsano’s Wealth
Looking ahead to 2025 and beyond, several factors could impact Varsano’s net worth:
The private aviation market continues to grow, with more ultra-wealthy individuals seeking alternatives to commercial air travel. This trend accelerated during the pandemic and shows no signs of reversing.
New aircraft technologies, particularly more environmentally friendly options, create opportunities for brokers to encourage fleet upgrades among existing jet owners.
London’s post-Brexit status remains strong as a global wealth center, maintaining The Jet Business’s prime location value.
Varsano has mentioned plans to expand The Jet Business concept to other global cities, potentially including New York, Dubai, or Singapore. Such expansion would significantly increase the company’s value and his personal wealth.
Bottom Line
While the exact figure remains private, Steve Varsano has built a fortune worth between $5 million and $70 million through his aviation expertise and business innovation. His wealth comes primarily from:
- Commissions on billion-dollar lifetime aircraft sales
- Ownership equity in The Jet Business
- Strategic real estate investments
- Consulting services to the ultra-wealthy
What makes Varsano’s story remarkable isn’t just the money he’s made, but how he transformed a typically hidden industry into a visible luxury retail experience. By bringing private jet sales to street level, he changed how the world’s wealthiest people buy their aircraft.
For anyone interested in how specialized knowledge can build wealth, Steve Varsano offers a master class in finding and dominating a luxury niche market.