Isnin, November 10, 2008

Millionaires Are Not As Rich As They Used To Be

ALTHOUGH most of us still dream of being millionaires, new research suggests that the exalted financial status isn't matched by actual spending power.
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Statistically speaking, you would need £17.5m today to enjoy the equivalent lifestyle of someone with £1m 50 years ago.
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Or looked at the other way round, in 1958 just £57,143 would have been worth £1m in today's money.
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And the effects of inflation over the years mean that, although not exactly "ten a penny", many people are now millionaires with a recent estimated total of around 376,000 in the UK.
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The research – carried out by Halifax Financial Services and sourced from the Office of National Statistics – also shows that the value of £1m today will be cut by two-thirds over the next 50 years if retail prices rise in line with the Government's inflation target of two per cent a year.
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Alternatively, someone would need £2.7m in 2058 to fund the same lifestyle as an individual with £1m today.
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Put in the context of age, the impact of inflation on spending power means that a lump sum of £1m is worth more to a 50-year-old than a 20-year-old.
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Assuming an inflation rate of two per cent, when today's 50- year-old reaches the age of 60 in 2018, £1m will be worth £820,348 in today's terms.
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In contrast, today's 20-year-old would find their £1m worth £452,890 when they are 60 years old in 2048.
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Halifax Financial Services chief economist Martin Ellis said: "£1m is still a lot of money even though inflation has substantially eroded its purchasing power over the past half a century.
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"Although £1m cannot fund the lavish lifestyle it once could, it can still go a long way with careful financial planning."
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If you were fortunate enough to have £1m lying around, it would earn £50,000 a year gross interest in a five per cent interest account.
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By Rob Waugh




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