1 in 4 individuals anticipate to be millionaires

Practically one in 4 individuals anticipate to grow to be millionaires of their lifetimes, in line with new analysis.

The examine for funding agency Hargreaves Lansdown suggests youthful individuals are the probably to consider they may grow to be millionaires.

Males are twice as prone to anticipate to grow to be millionaires.

Key findings from the analysis:

• Virtually one in 4 individuals anticipate to grow to be a millionaire (23%) in some unspecified time in the future in life
• Solely 2% anticipate to be a millionaire by the age of 20, however one in 10 anticipate it someday between 30 and 50
• A 3rd of 18-34-year-olds anticipate to grow to be millionaires earlier than age 50 (33%)
• Males are nearly twice as prone to anticipate to grow to be millionaires as girls (30% in comparison with 16%)

Opinium surveyed 2,000 UK shoppers for HL in Could.

HL says that to be a millionaire in 2020, individuals would wish to have been within the prime 17% of households (ONS).

Sarah Coles, head of private finance, Hargreaves Lansdown: “Being a millionaire isn’t what it was. It’s nonetheless an enormous sum of money, nevertheless it’s now not an unimaginable degree of wealth.

“Virtually one in 4 of us anticipate to be value one million at some stage, and for an terrible lot of individuals, it’s not past the realms of chance.”

She mentioned inflation has made it extra attainable to succeed in £1m in complete wealth as the worth of cash has devalued. Somebody with £1m in 1998 would wish £1.8m now to get pleasure from the identical spending energy.

She added that whereas many anticipate to be millionaires with the common UK median wealth for a person at £300,000 it was “removed from a foregone conclusion.” Nevertheless common media wealth amongst retired individuals is £489,300, making it extra possible older individuals may have excessive ranges of wealth.

HL analysis exhibits that the largest chunk of wealth is held in pensions as pensions account for 42% of wealth within the UK. Some 36% of wealth is in property. About 13% of wealth is held in investments.