How much would make you feel wealthy?

15 August 2013

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.

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