The following is a guest post. Enjoy!
Things have changed so much on the financial landscape in recent years that even having a million pounds in the UK doesn’t really qualify you to be a true “millionaire,” at least in the historically-typified sense.
A million pound fortune used to be the benchmark of life-changing wealth not so long ago, but now, you might even be classified an impoverished millionaire, if that was remotely possible, unless you had at least £3 Million stuffed away in cash and assets.
In just a single decade, the value of money in real-terms has eroded so that the £1 Million stash you had in 2003 would now have to be £1.3 Million to keep pace with your wealthy counterparts. At least if you are a mere middle-class property owner in London, you might yet get the chance to join the exclusive club when you sell up, as there is an estimated £5.5 Trillion of cash tied up in property assets.
Being a millionaire used to mean you could probably afford to buy a house anywhere in the world if you wanted but in some parts of London that sum of money might not even buy you the parking rights to a home that is definitely off-limits for poorer millionaires.
The 2013 Sunday Times Rich List now has 88 billionaires, compared to 77 the previous year, so spare a thought for the mere millionaires who have to contend with someone looking down on them despite their supposedly wealthy lifestyle.