New research finds that we now need £6million to enjoy the luxury lifestyle of a 'millionaire'.
Britons now need nearly £6 million to fund a millionaire's lifestyle and at least £100 million to join the ranks of the mega-rich, research claims.
Given the price of luxury villas and private yachts, £1 million is not what it used to be. People now require around £5.8 million to live like a millionaire, according to the National Lottery.
A generation ago, £1 million was enough to fund a life on easy street – no work, no mortgage, no more financial troubles. Now, it is not even close to allowing the majority of us to ‘live like millionaires.’
The increase was said to be due to a combination of rising house prices, higher inflation and increasing consumer demands.
The research, which was carried out by the Centre for Economics and Business Research, found that people would need around £1.7 million in order to buy a property fit for a millionaire, have two luxury cars and a modest holiday home in the Mediterranean.
Today, it claimed, you really need to have £5.8 million to enjoy what our grandparents would have considered the millionaire lifestyle.
The report also found that people would need a massive £108 million if they wanted to join the ranks of the ultra-wealthy.
Top of the tree include the super-rich of Hollywood, tycoons and major sports stars. These are the black card wealthy, named after the invitation only American Express card, and would have several estates around the world, a private yacht and a fleet of expensive cars.
A study carried out by financial advisers at Stonehage suggests that the cost of living for the super-rich is rising much faster that life for the rest of us as the trappings of the aspirational luxury lifestyle become even more extravangant and less affordable.
