Most people associate a million pounds with either a lottery win or discovering a gold mine in their garden, so it is usually something that exists only in dreams. If someone gave them £1 million they would probably be tempted to give up their job because it sounds like so much money. We would all like to be millionaires (except those who are billionaires), but times have changed, and so has what a £1 million can do. By comparing the value of £1 million in 2013 with that of 1993 there is a loss of around £700,000 due to inflation and the continually rising cost of living, but the number of must-have items for the newly-minted millionaires are still out there, glittering and begging us to buy them.
Unfortunately, having a million pounds does not enable you to do all you’d like to do. Buying one of the world’s most expensive mid-engined sports car, the Pagani Huayra, will set you back approximately £849,00, leaving a very modest sum to hopefully cover the insurance you will need should you ever be brave enough to take it out on the road. Ladies might hanker after the diamond and platinum handbag designed by Japanese jewellery designer Ginza Tanaka, but they would have to borrow from another millionaire to be able to afford that little fashion accessory! Even a modest home in a prime central London location is now £1.5 million.
It looks as though those millionaires in our government have actually got something right for once when they say that financially, things are tough, especially for millionaires. Take a look at Wish.co.uk’s infographic and see just how much £1 million will buy you today compared to ten and twenty years ago, and you may just find yourself feeling a little sorry for these poor millionaires.