A million is not enough, says Coutts

19 October 2005
Leading a millionaire's lifestyle costs more than a million pounds, says private bank Coutts & Co.

The millionaire's bank of choice coined the term 'thrillionaire' after it found that an individual would need almost £3 million to emulate the champagne and caviar lifestyle of the rich and famous.

Coutts' CEO, Sarah Deaves, said: "While 25 years ago £1million 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."

Research by the bank found that a million pounds five years ago could buy five times as much as it can today, and over half of people interviewed believe they may become a millionaire at some point in their life.

The main reason that a cool £1 million is no longer enough is property. The bank found that house prices have jumped up 525 per cent in the last 25 years.

The number of UK millionaire's increased by more than 80 per cent between 2001 and 2004, bringing the number up to almost half a million.

Over a quarter of people surveyed said that they would not give up their day job if they became millionaires.

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