How much would make you feel wealthy?

Last updated: Dec 5th, 2014
Raining money

It takes more than twice as much money for someone in Hong Kong to believe they are wealthy than it does for someone in the UK.

In Hong Kong, the average level of wealth someone would need to have to be thought of as wealthy is US$2.8 million, according to a survey by financial planners the deVere Group.

In the United Arab Emirates, it's $2.6 million, in the US it would be $1.4 and in the UK it's 'just' $1.3 million (£837,000). In South Africa, the figure was slightly lower at $1.2 million.

Meanwhile, people are most materialistic in Hong Kong, with 89% of those surveyed agreeing that money brings happiness, compared to 86% in the UAE, 83% in the US, 78% in the UK and 74% in South Africa.

deVere Group chief executive Nigel Green said: "This highlights that wealth is a subjective, largely relative, issue. It's our experience that an increasing number of people across these five territories are becoming what would be deemed as 'wealthy'. However, whatever level you are financially, the most vital thing is to have a sound, workable, progressive financial strategy.

"In addition, as the findings reveal, it is widely believed that money can bring happiness. I suspect the reason why most people insist money is a major contributor to happiness is because it provides a wider scope of opportunity."

  At what level of personal wealth would you deem someone wealthy? Does money bring you happiness? (% answering 'yes')
Hong Kong US$2.8m 89%
UAE $2.6m 86%
US $1.4m 83%
UK $1.3m 78%
South Africa $1.2m 74%

How much would make you feel wealthy? Can money buy happiness? Share your views in the comment box below.

Your Comments

I think it needs to be determined just what 'wealth' means. Apart from the obvious money in the bank and savings and investments in shares or funds, does it include the current value of the house plus its contents? Does it also include private pension pots (either being taken or contributed to)? Should it include an allowance for State Pension as that has also been conributed to as well?