By and large, long range airliners and long range business jets have very similar cruise speeds. A 747 and 787 both have a Maximum Operating Mach Number (Mmo) of 0.90 but typically use a maximum cruise speed of Mach 0.85 for their flight profiles and Mach 0.8 for long range economy cruise.
The biggest and fastest luxury business Jets these days e.g. Gulfstream’s G500/600/650/700/800 and Bombardier’s Global Express series all have an Mmo of 0.925, but use a high speed cruise of Mach 0.9 with an economy cruise of Mach 0.85. There has been very little efforts made on the part of these luxury bizjet companies to go faster than this. Even with Cessna raising the bar with its now defunct Gen II Citation X boasting an Mmo of 0.935, none of the other major bizjet players followed suit in the speed wars. The reasons I’m not clear on; it could be that M0.925 offers the best ability to wring out as much speed as possible while offering a reasonable safety envelope against Mach tuck or other undesirable high speed effects while maneuvering. All of the above listed aircraft have exceeded Mach 0.99 during flight testing.
Regional jets and intermediate range
airliners have limited themselves of an Mmo of 0.8-0.82 or so with cruise speeds of Mach 0.75-0.8. That might seem slow, but consider this: a Mach 0.75 cruise (430 KTAS) is 83 knots slower than a G650 in high speed cruise at Mach 0.9 (516 KTAS). On a typical regional flight (ex. KLAX-KLAS), you will, at most have 12-15 mins in cruise prior to starting down on a STAR with its typical speed restrictions or those imposed by ATC. A Mach 0.9 cruise under these condition will, at best, shave about 2-3 mins off that flight; those gains could easily be lost if ATC requests you hold somewhere, how they sequence you for the approach, etc. Once below 30,000 ft they will typically restrict you to 280 KIAS or below, and even if they didn’t, you would probably maintain those slower speeds to fly the descent profile smoothly and get slowed up for the approach into the airport. Where the Mach 0.9 cruise can shine is long duration cruise. For a flight from KLAX to Narita Intl., Tokyo (~4,900 NM), the Gulfstream does it in 9.5 hours @ M0.9 vs a 787 at 10.05 hours @ M0.85, assuming calm winds. This saves approx 33 minutes on the trip.
Where business aircraft always beat airliners is in terms of passenger comfort and convenience. They are much more luxurious, quieter and with cabin pressures exceeding 10 psi, they definitely reduce fatigue during long-haul flights. The ability to schedule the flight whenever you need to and from whatever airport best suits your mission is another major factor. That alone can slash hours off your travel time, regardless of whether you made the trip at Mach 0.9 or not.