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Expensive to be a millionaire
10/03/2008 14:54 - (SA)
London - Britons need a lot more than £1m to enjoy the lifestyle of the rich and famous, a report said on Monday.
You need at least £5.8m to consider yourself "comfortably rich" in Britain, according to research for the National Lottery by the Centre for Economics and Business Research.
That sum allows you to buy a smart house, a luxury holiday villa, a top-of-the-range car and possibly some staff.
Britain's high property prices and rising inflation means a £1.7m National Lottery win would require careful spending to make the windfall last - once you had paid off your house and bought a couple of cars.
Angela Kelly became Britain's biggest lottery winner in August 2007 when she scooped a £35m EuroMillions jackpot.
But the former Scottish postal worker's win would not go very far if she wanted to live like David and Victoria Beckham.
Keeping up with the Beckhams
According to the report you need £108.6m to fund a lifetime of extravagant spending as enjoyed by the Beckham's and Madonna and her husband Guy Ritchie.
"There are around 400 000 millionaires in the UK and most people have pre-conceived ideas about the millionaire lifestyle they probably lead," said the National Lottery in a statement.
"This report shows there are in fact many different levels at which you can enjoy a lifetime of luxury and the price tag that it comes with each varies enormously too."
Commissioned by the National Lottery, the research was carried out by the Centre for Economics and Business Research.
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