What makes you Wealthy?

A recent study* made across Europe of how we perceive wealth has shown some very interesting differences across countries. How much would you need to have to call yourself “Exceptionally wealthy”? Apparently everyone thinks that a Private Jet is the ultimate status symbol that says “Rich”, and, if you need a car to show your status, then all countries agree that an Aston Martin or Ferrari is necessary; but if you are not flying in your private jet, you must be going First Class.

In Portugal 70% of people would need to win more than £25million to actually feel rich, and would expect you to wear expensive jewellery, have a personal shopper and staff, to prove it. Couture clothing and expensive jewellery is a sure sign of wealth, (chosen by a personal shopper) in France whereas in Spain 60% say having a big house and staff is the “I am rich” giveaway. The Belgians rate having a personal shopper, and expensive jewellery as the extras that show you are wealthy, whereas the Irish like the personal shopper but they also need a swimming pool to make the wealth statement.

The British see swimming pools and staff as the outward signs of being rich, and Austrian and Swiss residents state that a big house is the thing needed to display your money, with a personal shopper, and some expensive jewellery. Funnily enough having no mortgage rates lower than most things for a wealth display, but that’s probably because it’s hard to show nothing! And as for drinking champagne, that’s not considered a sign saying “I have money”, nor is an expensive handbag, but wearing an Armani suit and Rolex watch is considered a sign of wealth by over 23% of Europeans. The Holiday Home, once a sure sign of wealth still ranks highly with Belgium and Austria, but in France, Ireland and Portugal they rate their Rolex watch as a more potent symbol of wealth.

*The study was conducted by ICM Research for The National Lottery, released 3/11/06.

14 November 2006