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North East best place to be a millionaire

Indulging in the ideal millionaire lifestyle could cost almost twice as much depending on where you live in the country. The North East is apparently the most cost-effective place to live the millionaire lifestyle, according to recent research.

Research conducted by the Centre for Economics and Business Research (CEBR) for The National Lottery found that the North East is the best place in England to make your millions go as far as possible, saving over £3 million on the same lifestyle in London. In the North East only (only!) £4.8m is required to live the ideal millionaire life, a million pounds cheaper than the national average of £5.8m.

A National Lottery spokesperson said: “Having made over 2,000 millionaires we are used to hearing about differences in prices for expensive items across the country. The savings to be made are fantastic and at £1 million cheaper than the rest of the country the North East should attract a few millionaires to the region.”

The regional differences are put down to large variations in property prices across the regions in the UK, the cost of consumables such as food and drink and even the geographically variations in the cost of cars and clothes. The national average cost of this ‘ideal millionaire lifestyle’ was £5.8m.

The CEBR created a lifetime spend model looking at regular consumption as well as asset purchases. These figures are based on a 40 year old in a four person household with a lifestyle reflecting the richest 10% in society. This comprises, among other things, a smart detached house, luxury holiday villa, top of the range cars, some staff, a serious shopping budget as well as a massive annual party.

This was posted in Bdaily's Members' News section by Ruth Mitchell .