How much do I need to live a millionaire lifestyle?

[okgo]

Just punched Heathrow - Dubai tomorrow first class into Emirates. £4300 one way.

[davepoth]

I think a million pounds a year would cover it - it would be enough for you to wake up one morning and say "I'm going to Tokyo", pack your bag, walk up to the JAL desk at Heathrow and buy a ticket, and then pay for a swanky hotel at the other end.

[killingjoker]

Moominho said:

I don't even think I would be able to retire on a million quid.

Wow, I feel sorry for anyone who that says that.

[anonymous-user]

okgo said:

Just punched Heathrow - Dubai tomorrow first class into Emirates. £4300 one way.

Every now and then you can get it for 4K or so return.

If he can tell me how to get it 2K return I will be changing my meeting schedules and flying first.

(As an aside, sometimes First is cheaper than Biz - I always presumed it was because many companies will have a "Biz only" policy so Biz is always rammed)

[jakewright]

Impasse said:

There seems to be some confusion creeping in over the differences between a Millionaire lifestyle and a Multi Millionaire lifestyle.
The description of the OP's suggested lifestyle is perfectly attainable with a million working for you.
To partake of some of the other, more clichéd and "New Money" pastimes mentioned will require more funds.

Perhaps you are referring to my post.
Since you mentioned new money as pasttimes then perhaps I could add shooting or classic car racing.
The lifestyle described by the OP is quite normal with a healthy wage.
Not sure the significance of a 3k watch though...

[Thankyou4calling]

RobinBanks said:

I got the impression that that could have been his hypothetical millionaire lifestyle?

The little list I put up isn't my lifestyle, it was hypothetical, just some thoughts to get the old grey matter working.

[anonymous-user]

Thankyou4calling said:

The little list I put up isn't my lifestyle, it was hypothetical, just some thoughts to get the old grey matter working.

Any chance you can share the 2k flights?
I have got my credit card at the ready here.

[Kneetrembler]

Impasse said:

There seems to be some confusion creeping in over the differences between a Millionaire lifestyle and a Multi Millionaire lifestyle.
The description of the OP's suggested lifestyle is perfectly attainable with a million working for you.
To partake of some of the other, more clichéd and "New Money" pastimes mentioned will require more funds.

Not with a Million its not and nor 2 Million.

To be a Millionaire and lead a decent lifestyle without going overboard you will need £10Million these days !......and going up

[Impasse]

jakewright said:

Perhaps you are referring to my post.
Since you mentioned new money as pasttimes then perhaps I could add shooting or classic car racing.
The lifestyle described by the OP is quite normal with a healthy wage.
Not sure the significance of a 3k watch though...

But it's the "wage" element which is key. That assumes having a job and working. Some are too busy for such trivialities and still are able to afford a comfortable, if not extravagant lifestyle. A hard working million will allow that without eating into the capital.
To regularly fly First or to use a delightful bottle of fizz as a way of showing the salopette wearing onlookers how wealthy and borish you are will require a larger chunk of capital.

As for expensive watches, I don't know. I don't have an eye nor a taste for them. I think the one I'm wearing today cost around thirty quid, rather than £3k.

[RichB]

killingjoker said:

Moominho said:

I don't even think I would be able to retire on a million quid.

Wow, I feel sorry for anyone who that says that.

Oh come on don't be daft, do some sums. I'm 58 and hope to live as long as my Mum (she's 94 and still healthy) so that's another 35 years. So just divide the million by 35 and that's probably less than two grand a month after tax. Ok so there'd be some interest but that's minimal at the moment and it has to be said, 2k a month isn't a lot...

[Caruso]

When I think of the term millionaire, I think of what it meant in the 1920's.

According to the BOE Inflation Calculator, £1m in 1920 is equivalent to £39m today.

[theplumber]

Thankyou4calling said:

What about this:

Single guy.

I've a really swanky apartment in a city centre, (not London) it's worth 400k and no mortgage. That costs £600 a month to run (council tax, gas, water, sky TV, insurance etc)

Two cars, a £30,000 DB9 and a Mercedes E250 that's leased at £350 a month. Running costs of those are going to be £500 a month.

I take 4 holidays a year at £2000 a time and spunk £2000 when I'm on each holiday.

I spend £500 a month on eating out, £300 a month on clothes ( bearing in mind I'd have plenty already)

I'll wear a £3000 watch.

I'll pay £30 a month for my I phone, have Waitrose deliver £100 of goods a week.

So, my apartment and car take £430,000 from my million.

If I have a £50,000 job that'll pay all the above ( no mortgage remember) and the £16,000 holidays would be paid from the interest at 3% on the remaining £570,000.

What am I missing?

If you sold everything you own tomorrow how much would you have?

[rudecherub]

it depends on when your Millionaire as a term is coming from.

If we're talking Downtown Abbey ie say 1900, then to be a millionaire in Victorian terms would mean you'd need more than 100 million today's money

If we're talking in 1950, classic Hollywood, "How to marry a Millionaire" era then you'd need something like 40 million to have the same purchasing power.

[theplumber]

Thankyou4calling said:

That's not the case at all. I can fly Emirates First Class to Dubai and stay 5 nights in a Five star hotel for £2000, significantly less if I go business, so your figures are incorrect.

2k is about the going rate for a business class seat then at least the same again for a decent hotel.. Please post a link to the deal of the century..

[theplumber]

Thankyou4calling said:

That's not the case at all. I can fly Emirates First Class to Dubai and stay 5 nights in a Five star hotel for £2000, significantly less if I go business, so your figures are incorrect.

2k is about the going rate for a business class seat then at least the same again for a decent hotel.. Please post a link to the deal of the century..

[Busterhighmen]

Thankyou4calling said:

Seriously? You think you'd spend more than £80,000 a year on holidays! £3000 a month eating out and £2000 a month on clothes! Blimey.

If you think a millionaire spends £500 eating out a month you obviously haven't ever eaten with one. Champagne and main courses in the 00s are a plenty!

[rollondeath]

Tribal Chestnut said:

Prostitutes and crack, say £1500 pw?

EFA.

[Impasse]

Busterhighmen said:

If you think a millionaire spends £500 eating out a month you obviously haven't ever eaten with one. Champagne and main courses in the 00s are a plenty!

Millionaire or multi millionaire?

[okgo]

Even just regular city dweller will do more than £500 on food and booze over a month no bother.

[red_slr]

BoRED S2upid said:

If your talking old money then all you need to live their style of life is a cold country pile that's falling to bits, old clothes you wear till they fall off you an old range rover and Volvo with 300,000 miles on it oh and a few hounds and horses. You don't spend your money.

This. Many times over. I know people like this. Couple of million in the bank, several properties, st car, heating never on, shop at aldi. They never get any poorer!!!

On the other hand, if you want to live the "lifestyle" (not working, large house, Ferrari on the drive, boat in France, house in Spain, skiing in the winter etc) then I think you need to be able to spend £20k+ a week, that's basically a million quid a year.