Not enough for being truly wealthy

December 9th, 2007 - 3:25 pm ICT by admin  

London, Dec 9 (ANI): If you have a million bucks in your bank, and are considering yourself a rich person, then you might be in a bit of an unpleasant surprise, for a new survey in Britain has found that only those with 5 million pounds feel that they are truly wealthy.

According to The True Value of Wealth, the new breed of millionaire needs constant reassurance about the size of his or her fortune.

Besides the basic necessities such as a pile in the country, fast cars and Caribbean getaways, the rich want cooks, butlers, private island holidays and a private jet to whisk them around.

The report was for Barclays Wealth, the private investment bank. The finding was based on interviews with clients who had assets of 1.5 million pounds in addition to their homes.

The survey found that the wealthy did not believe true wealth was reached until they had at least 5 million pounds in liquid assets.

Gerard Aquilina, head of international private banking at Barclays Wealth, said people don’t really feel they have the kind of money to guarantee themselves control of their own time until they have 5 million dollar.

“People don’t really feel they have the kind of money to guarantee themselves control of their own time until they have PS5 million. This is the threshold at which they have a kind of empowerment that gives them the life they need, the Telegraph quoted Aquilina, as saying.

The new wealthy are revolutionising the luxury services industry as people buy the most expensive brands.

However, the report revealed the contrast to the adage, i.e. money contributed significantly to people’s happiness. It gives them more control over how they spend their time, which the super-rich regard as the ultimate luxury.

This shows that people consider control over their destiny to be one of the most important factors in defining wealth, with 62 per cent saying they believed it had brought them more leisure time and time with their families.

The survey revealed that about 80 per cent of those with assets of more than 1.5 million pounds had personal staff - cleaners, chefs and butlers - and two-thirds employ personal shoppers, property agents and travel consultants.

Frank Furedi, professor of sociology at the University of Kent, said money was crucial in happiness.

“Financial security gives you a freedom that makes it easier to deal with the problems of life. It gives you a sense of control, which is the single most important pre-condition for gaining happiness, he said.

“If you don’t feel you have to juggle everything, you don’t have to worry about tomorrow, he added.

The report also revealed that about a third of the total surveyed said that they would leave more than 10 per cent of their estates to charity. (ANI)

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