How lotto millionaires spent their jackpots
JACUZZIS and hot tubs to caravans. Here’s what the UK’s 3,000 Lotto millionaires did with the jackpots.
While many bought houses, cars and luxury holidays, some made slightly more unusual purchases.
A third do voluntary work after becoming rich.
3,700 mortgages have been paid off for family and friends
Many a dinner party discussion has begun with the question: What would you do if you won the lottery?
And now that the number of National Lottery millionaires has surpassed the 3,000 mark, it may be easier to answer.
For a study published today has analysed the jackpot-winners’ spending, and among the predictable outlays on cars, hot tubs and houses are some less glamorous trends.
While most people winning more than £1million would automatically give up work, almost a fifth kept their job.
One in ten used some of their jackpot to purchase a caravan, one in three bought a hot tub, while 32 per cent still didn’t splash out on five-star accommodation while on holiday.
About a third gave back to society through voluntary work.
Of the 3,000 millionaires’ combined winnings of £8.5billion since the lottery started in 1994, £4.74billion has been spent, with the remaining £3.74billion invested or saved for a rainy day.
The study by experts at Oxford Economics suggests the lottery-created tycoons have also been a wider force for good, with 98 per cent of their spending being in the UK. As a result, each winner’s spending would keep six people in a full-time job for one year.
Oxford Economics estimates they have contributed £750million to the UK’s economic output, as well as £500million to the Treasury through taxes such as VAT and stamp duty.
And it was not only the winners whose lives were changed: cash gifts by them to family and friends are said to have created another 3,780 millionaires. The total value of gifts to loved ones was estimated at £1.17billion.
Andy Logan, author of the report, said: ‘The effect of a win spreads much further and wider than we anticipated.’
Winners have purchased 7,958 homes with their cash, an average of 2.7 properties each. They have also paid off the mortgages of 3,700 friends and families.
Eight in ten jackpot winners buy a new main home, spending an average of £900,000.
Twenty-eight per cent have a walk-in wardrobe, 22 per cent have a games room and one in four live behind electric gates.
More than one in seven of the 3,000 have started their own business. Firms owned by the winners employ some 3,195 people.
The winners have spent £463million on cars, with Audis and Range Rovers most popular.
Holidays accounted for £21million. The US was the most visited country, ahead of the Caribbean, Dubai and the Canaries.
Among the 3,000 winners is Sarah Cockings, from Morpeth, Northumberland, who scooped £3million when she was just 21.
Now 28, she quit her social worker studies to pursue modelling and media opportunities.
She bought a five-bedroom home for herself, and a four-bedroom house for her parents, as well as a Mini Cooper and Range Rover Sport. She said: ‘Up ’til now there’s been no bad part of being a millionaire – I’ve loved every minute of it.’