GBP5m To Be Called Wealthy

Barclays

According to the latest Barclays Insights Report, more than a third of high net worth respondents think people need at least £5m in liquid assets to be wealthy.  Respondents with wealth in excess of £1.5m were questioned and they said having this buffer means people with assets of at least £5m act and enjoy their wealth differently from those whose assets fall below this threshold.  

The report also showed that the term millionaire has lost its cachet in a world that is experiencing a wealth boom.  It is estimated that by 2016 there will be 940,000 US dollar millionaires in the UK alone.  

Our view

Wealth is a state of mind and has nothing to do with money in the bank.  You can have much money but be unhappy.  You can have ‘paper’ money that can disappear on the stockmarket in hours.  You can have a high powered job that can end with one silly failure by a subordinate who you have never and will never meet.  

We suggest you set basic goals for want you wish to achieve each year, it may something as simple as paying an extra £50 pm off your mortgage, it may be saving that little extra in a pension.  We suggest the best value would be to pay a fee based financial planner to look at your affairs and tidy them up.  You will probably make and save hundreds if not thousands of pounds.  This sets you on the road to being wealthy, wealthy in finance and in mind.

We specialise in offering financial advice for both high net worth clients and those aspiring to achieve high net worth.

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