Fine Living, News

£1 million doesn’t make you rich…

There are tens of thousands of people in the UK applying for TV quiz shows, and gripping their Lotto tickets tight, hoping for that big million pound win. But can someone with a million pounds be classed as rich anymore?

We surveyed 100 of our wealthiest customers to find out their perceptions of wealth and money. The findings show that only 6% of millionaires believe that having one million pounds still qualifies you as being rich.

We also conducted research into what (if anything) in addition to money was required to achieve ‘rich’ status. As it turns out, our customers enjoy their cars, with over nine-tenths (92%) of participants stating that ‘rich people’ have to own two or more luxury cars.

Two thirds (67%) of millionaires stated that a yacht was standard fare with two-fifths (42%) believing that a private jet is a must-have.

All 100 participants own at least three properties and agree that this is the minimum amount of property you need to qualify as rich.

A quarter (27%) of those surveyed said that they believed that it is now far too easy to become a ‘property millionaire’ and as such, having a net worth of one million pounds can no longer qualify someone as rich.

In regards to net worth, almost half (47%) of millionaires stated that they felt a minimum net worth of £3 million would win you the title of rich, just under two-fifths (38%) believe this figure stands at £5 million and 9% feel the figure should be double that at £10 million.

The perception and opinions of those surveyed are seemingly in correlation with inflation and increases in price since 1990.

For example, the Porsche 911 has risen in price from £23,200 in 1990 to today’s price of £126,925, the average UK house price has increased from £57,683 to £214,163 with the average price of the London Pint creeping up by £2.50.

Aaron Harpin, founder, said,

“We know that many people dream of becoming a millionaire but we wondered just how much of a difference one million pounds can really make to someone’s life nowadays. Of course, a big factor of this is how much money the individual had to begin with, but it’s amazing to see how much the spending power of a million pounds has changed over the years.

“What has also been really interesting is the perception of the millionaire status, I wonder how these opinions might differ amongst those with varying amounts of money. I guess only time will tell how it will change in the future.”

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