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The G550 private jet travels at 675 miles per hour and carries eight passengers at any given time. The Cessna Citation X jet travels 700 miles per hour.Source:
The fastest private aircraft out there (that's not a former military jet or military fighter owned by an Arabic Sultan/Prince) is the Citation X. It goes .92 the speed of sound, or about 575-600 miles per hour at it's maximum cruise speed.
(That equates to about 4 hours 10 minutes on a flight from LA to New York with average winds).
For different types of private jet and their specifications - visit http://www.privatejets.com/private-jet-types.html
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