Welcome!

News Feed Item

More Than Half Believe Wealthy Starts at £10m or More: 'Millionaire' is a Dated Term as 'Celebrity' Wealth Skews Perceptions; Today, it's More About Being a 'Tenmillionaire'

LONDON, April 2, 2014 /PRNewswire/ --



An Oracle Capital Group survey  

Key points 

- 55% believe you need £10m or above to be deemed wealthy

- More than 20% believe you need £100m or above to be deemed wealthy

- 2/3 of people believe 'celebrity' wealth has skewed our perceptions

A recent survey by Oracle Capital Group, the independent international multi-family office, has shown that more than 55% of people believe that to be deemed wealthy today you need to be worth more than £10 million. More than 20% of these respondents believe that you can only be deemed wealthy if you enjoy a personal fortune of £100 million or more.

In contrast to previous decades when the term 'millionaire' indicated significant personal wealth, it is clear that our perceptions of what it means to be wealthy have changed. Factors such as inflation and escalating house prices have driven living costs higher, and a million GBP in assets no longer has the cachet and purchasing power it once did.

The results of the survey highlight the impact of the vast personal wealth accrued by many celebrities and other figures in the public eye. Two thirds of respondents believe that the high visibility of wealthy celebrities has skewed our perceptions of wealth, with almost half of all respondents attributing this to the earnings of sports stars. Of the other respondents, a fifth felt that remuneration in the media and arts most skewed perceptions of wealth, while 18% chose the salaries and bonuses enjoyed by business executives and financial professionals. 13% of respondents believe that the technology sector has most affected our perceptions of wealth, a reflection of the high profile successes of tech start-ups such as facebook, WhatsApp and Twitter which have generated fortunes for their founders.

Yury Gantman, CEO of Oracle Capital Group, commented:  

"Clearly the idea of wealth is relative, but what is clear is that the word 'millionaire' does not necessarily now conjure up the sense of significant wealth that it did until relatively recently; today, it's more about being a 'tenmillionaire'.

"Many people who own properties in the London area have become millionaires by virtue of the dramatic inflation of house prices, but would not necessarily regard themselves as HNWIs (high net worth individuals). This is undoubtedly a reflection of growing living costs which, alongside the housing market, have affected food prices, school fees, travel and other household outgoings, but also - as indicated by our survey - because their own personal assets are dwarfed by the immense and highly publicised fortunes of footballers, film stars, hedge fund managers and tech billionaires."  

Notes to Editors 

About Oracle Capital Group 

Oracle Capital Group, a global independent multi-family office and wealth consultancy. Founded in 2002 and headquartered in Luxembourg, Oracle Capital Group provides comprehensive, tailored and confidential services for high-net-worth individuals and their families, including investment advisory (through their offices in Switzerland and the Bahamas), wealth structuring and asset protection, asset financing and insurance, legal case management, property development, and concierge services. Oracle Capital Group has 7 offices (London, Luxembourg, Geneva, Nassau, Moscow, Almaty and Limassol) and employs over 100 staff worldwide.

For more information please visit: http://www.orcap.co.uk

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
The idea behind this session is my blog post - 5 Logstash Alternatives - which is unfortunately too short to do the presented log shippers justice. In his session at @DevOpsSummit at 20th Cloud Expo, Radu Gheorghe, Software Engineer at Sematext Group, will talk more about the things that matter: kinds of buffers, protocols, ways of parsing, correlating and de-duplicating messages, as well as supported inputs and outputs. And of course performance. All this should let you know which log shipper...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed ...