Today’s millionaires need nearly £3 million ($5.2 million) to afford the “dream” millionaire’s lifestyle, according to a recent survey by Co...

Today’s millionaires need nearly £3 million ($5.2 million) to afford the “dream” millionaire’s lifestyle, according to a recent survey by Coutts. The actual value of £1 million has fallen so dramatically over the last 25 years that it no longer affords the luxurious standard of living it once did, said Coutts. The term "millionaire" - for those in possession of cash or assets totalling £1 million - is now less meaningful than it once was. In fact, according to the study, the average “millionaire” family would now need assets and wealth totalling at least £2.6 million in order to afford the “dream millionaire lifestyle” in the UK. Despite this, the study, undertaken on behalf of Coutts by research organisation BDRC, showed that two thirds (65 per cent) of the UK population would still give up their jobs immediately if they won £1 million. “But they might be in for a surprise, as £1 million is no longer enough to fund the ‘dream millionaire’s lifestyle’ - with all the usual trappings of luxury, such as a 5 bedroom house, personal household staff, luxury cars, an apartment and yacht abroad and luxury holidays each year,” said Coutts in a statement. Property prices are one of the main reasons why £1 million no longer stretches as far as it used to, with prices having jumped by 575 per cent over the last 25 years. “A millionaire used to be someone who was seen as super-wealthy – a person who didn’t have to work if they chose not to, and who was able to live a life of luxury simply by having £1 million in cash or assets,” said Sarah Deaves, Coutts chief executive. She added: “One million pounds is obviously still a sizeable amount of money, which, if invested correctly, can afford a high standard of living and provide financial security in later life. However, while 25 years ago £1 million would have been more than enough to comfortably live the ‘millionaire’s lifestyle’ a few times over, today it will only afford a small portion of the trappings. In this sense our research says it is time to coin a new expression: the ‘thrillionaire’ – as people now really need an average of nearly £3 million to be able to live that luxury lifestyle.” Other study findings include:

• The number of millionaires in the UK has increased by more than 80 per cent between 2001 (230,000) and 2004 (425,000). This is largely due to a 64 per cent jump in house prices during this period.
• A fifth of people (21.4 per cent) feel they would need over £1 million in the bank to feel "wealthy".
• If they won £1 million, 80 per cent of people would give money to friends and family, but only half (56 per cent) would give to charity.
• A quarter would remain in their current job if they became millionaires overnight (29 per cent for men 25 per cent for women)