Young Upstarts

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[UK][Infographic] Spare A Thought For The Millionaires

So you think that millionaires have it good? That they’re rolling in their cash hoard like Scrooge McDuck in his private vault? Well, for most a million pounds may seem like a lot of money, but the truth is that it’s no longer what it used to be, or what it used to be able to buy.

The number of millionaires in the United Kingdom has actually increased over the years – according to the HMRC the number of people making over 1 million pounds a year has nearly doubled over the past 2 years.

But the problem is that cost of living in the UK has also skyrocketed, thanks to inflation and the rise in property prices. That’s right, your wealth has pretty much devalued – this is to the extent that 1 million pounds in 2013 is equivalent to 1.3 million pounds in 2003, and a staggering 1.7 million pounds in 1993.

Below is an infographic from¬†Wish.co.uk¬†showing how much your money – even if you’re a millionaire – can’t stretch as much as it did before. For those of us who aren’t millionaires anyway, we’re unlikely to be shedding many tears over their “loss”, though.

[Infographic credit: Wish.co.uk]

Daniel Goh is the founder and chief editor of Young | Upstarts, as well as an F&B entrepreneur. Daniel has a background in public relations, and is interested in issues in entrepreneurship, small business, marketing, public relations and the online space. He can be reached at daniel [at] youngupstarts [dot] com.

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