That's true but then NetJets Europe do quite well. Again Europe is a densely populated place but Australia has historically needed aviation because of the sheer size of the country. London and Australia are similar in terms of populace (ish) and there are 6 airports geared up for business operations in the M25 area. The whole point of fractional ownership is that it should reduce costs and make aircraft available to more people, which I believe is why it does so well in the good old US.