How do the lottery winners spend their millions?

An interesting new study from the UK on how the national lottery’s 3,000 instant millionaries reveals how they spent their windfalls.

The National & Euromillions Lottery in Britain has released an analysis of spending and investment by the 3,000 players who have become millionaires since the lottery was launched in 1994, studying the ways in which the 3,000 millionaires the lottery has created chose to spend their cash.

Looking past all the salacious stories that make the press for a moment, donations to extended family members featured high on the list, with newly minted lottery millionaires creating a further 3,780 millionaires among children, family and friends.

Four out of five lottery winners quit their jobs, the study found, but only 59 percent immediately handed in their notice. The study found 31 percent of winners, devoted their extended free time to do unpaid voluntary work.

Many bought new homes, luxury cars, caravans and took holidays, with the United States being the favoured destination.

Overall, lottery winners have bought 7,958 homes, 17,190 new cars and 300 caravans while almost 1/3rd have had a jacuzzi installed at home. And winners have started or supported 900 UK new businesses employing 3,195 people.

Recipients of UK lottery largely tend to be patriotic, with 98 percent of them spending most of their new fortunes within the British Isles. Winners’ spending contributed almost GBP 750 million to the UK and generated more than GBP 500 million in tax receipts.

Andy Logan, co-analyst and author of the analysis, which was carried out by forecasting consultancy Oxford Economics, said:

“The effect of a win spreads much further and wider than we anticipated. Not only does it transform the lives of friends and family, but each win has a measurable effect on the UK economy, especially with so much of it being spent in the UK. The use of each win creates a ripple effect across this generation and very often the next.”

The UK National Lottery has given away more than GBP 43 billion in prizes since 1994. Each week, more than GBP 30 million is raised for National Lottery Good Causes, with more than 380,000 awards made across the UK to date.

 

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