Since the National Lottery first launched in 1994, it has created 3,000 millionaires – and that’s only counting the jackpot winners whose payouts reached into seven figures.
Between them, they’ve shared in over £8.5 billion of winnings, averaging just under £3 million each, and they’ve shared the wealth along the way.
In celebration of the landmark, research was conducted by by Oxford Economics which found that 3,780 more millionaires have been created through financial gifts to family and friends by the winners.
Andy Logan, co-analyst and author of the report, says: “The effect of a win spreads much further and wider than we anticipated.”
While many people say “the money won’t change me”, it seems the majority – 59% of the Lotto millionaires made since 1994 – take the understandable option of quitting work completely, while 31% devote their time to voluntary work.
You might also be surprised by how much of their money stays in the UK; despite all the holidays and fancy foreign cars, 98% of millionaires’ lottery winnings is spent or saved within the UK.
With 1,756 main Lotto draws made since 1994, the millionaire rate stands at almost two per draw since the National Lottery began – more than you might expect, and a good reason (if any were needed) to start thinking about how you’d spend a million pounds.
To give you an idea, below are some of the common ways that previous lottery winners have spent their money:
- 82% bought a new home (averaging £900,000).
- 29% own a hot tub.
- 28% have a walk-in wardrobe.
- 27% went on a holiday to the US.
- 16% own an Audi.
- 5% have a beautician.