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24 September 2014
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Millionaires prefer Gap to Gucci

Mind of a Millionaire - starts Tuesday 7 October, BBC TWO at 9.00pm

Britain's millionaires are careful spenders who would rather snap up high street bargains than splash out on designer labels, a survey commissioned by BBC TWO's Mind of a Millionaire has revealed.

Forty two per cent of those interviewed for the biggest ever market research survey of Britain's millionaires said that they spent less than £500 a year on clothing.

The survey also found that a third of millionaires (38%) spend under £60 a week on their weekly food shopping.

The survey, which forms the basis of the series, was commissioned to learn how Britain's millionaires live, how they spend their money and what really matters to them.

The answer, not surprisingly, is money, money and more money. Their number one priority is saving. Money is more important to them than love or marriage, and, if they were given more money, they would invest it to make even more money.

Their attitude could be attributed to their upbringing – over half (59%) of the self-made millionaires surveyed came from poor or ordinary backgrounds.

Sixty per cent described themselves as either average or lazy at school but only 1% had ambitions to do as little work as possible.

The average self-made millionaire works 60 hours a week. Half stay in contact with the office while they're on holiday and 14% of them refuse to switch off.

However, the survey found that millionaires do like their holidays - they take at least three a year. Multi-millionaires take five a year and they spend on average £14,000 annually on breaks but their number one spending priority is saving and investing.

So what are millionaires like as people? The survey found that they are competitive, they like taking risks and they profile as aggressive, abrasive and self-confident.

When asked what they thought it took to make a million, most self-made millionaires answered "hard work".

The survey also reveals that the favourite millionaire meal is roast beef dinner and that the average millionaire has two cars. They prefer to drive a Mercedes but also like to have a four wheel drive parked outside. Most live in homes with four or more bedrooms.

Mind of a Millionaire provides exclusive insight into what it takes to make a lot of money by getting up close and personal with diverse and inspiring self-made millionaires. Each programme examines their success and the lessons we can learn from them.

The series includes high profile faces such as Sir Richard Branson and Anita Roddick but it also discovers some of the new breed of British self-made millionaires like Alexander Amosu who made his fortune from mobile ringtones in his early twenties and mum of two Sarah Tremellen who set up her own lingerie company following the birth of her first child.

If any of the above information is used, BBC TWO's Mind of a Millionaire must be credited.

Notes to Editors

The survey was conducted by wealth research specialists, Tulip Financial Research Ltd, who carried out 300 thirty minute phone interviews in February 2003 with a representative sample of UK millionaires.

The extensive survey is broken down into statistics on millionaires who own their own companies, female millionaires, millionaires from poor backgrounds and multi-millionaires.

The survey was commissioned by Optomen TV, an independent TV production company who produced Mind of a Millionaire for BBC TWO. Previous Optomen commissions for the BBC include The Naked Chef (BBC TWO).

There is a book to accompany the series. Think Yourself Rich, written by Sharon Maxwell Magnus, is published by Vermillion at £9.99.

All the BBC's digital services are now available on Freeview, the new free-to-view digital terrestrial television service, as well as on satellite and cable.

Freeview offers the BBC's eight television channels, interactive services from BBCi, as well as 11 national BBC radio networks.



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