Industry News
Rising costs push wealth perceptions up
Posted on 11th December 2007
The rising cost of commitments such as private school fees means an increasing amount of money is required in order to sustain a "wealthy" lifestyle.
A study by Barclays Wealth has found that more than a third of people questioned believe an individual requires $10 million (£4.9 million) to be considered wealthy.
It found that the term "millionaire" has lost its cachet as a result of a global "wealth boom".
The report revealed that there has been an increase in the amount charged for goods and services as well as commitments like independent school fees and health insurance.
Barclays Wealth added: "This is influencing the level of assets that people think they need to sustain their lifestyles."
The Independent Schools Council reports that at its member schools, fees rose by an average of 5.9 per cent during 2006-07.
It states that schools have had to increase fees as a result of rising bills and staff salaries.
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