Becoming a millionaire is the dream for many. However, whether you inherit from a rich aunt you had no idea existed, or you get a lucky lottery win, or you make it big with your own tech invention, there are lots of great ways to spend your cash if you’re a millionaire.
1. A yacht. A private yacht is not just a great way to travel and see the world in fantastic luxury. It’s also something of a status symbol, as all millionaires know. The world’s biggest private super yacht is the Azzam, which has its own submarine with a missile defence system. The cost? A cool $600 million.
2. Time. Well, you can’t really buy time as such but there’s no doubt that having more money makes it easier to enjoy the time you have. If you don’t have to work, worry about bills or commute that’s more time to spend doing the things – and with the people – you love.
3. A future for your kids. The average cost of educating a child is $58,464 and that’s basic primary through to end of undergraduate. For millionaires it’s a whole different ballgame, from finishing school in Switzerland to paying for your children to study as foreign students at some of the best institutions in the world.
4. The best champagne. Or at least the most expensive. A bottle of 'Gout de Diamants' champagne costs upwards of $1.8 million a bottle and comes with a 19 carat diamond on the 18 carat gold label.
5. First class travel. If you’re not keen to cover the annual running costs of a private jet then first class travel is a passable alternative for the millionaire. For example, you can fly from New York to Abu Dhabi with Etihad Airways in a 125 square foot suite for $25,000 each way.
6. Your own cinema. The home movie theatre is the classic millionaire’s purchase. But we’re not talking a few chairs and a projector here. Music producer Jeremy Kipnis, for example, spent $6 million on his home theatre, which has an 18-foot high screen and top of the range kit.
7. Build a property portfolio. Property remains one of the ways than many of us choose to invest our cash. Whether you build up a rentals portfolio to make cash from tenants, or invest in holidays homes for yourself, this is something only a millionaire could do these days.
8. Become a collector. If you’re a millionaire then you can collect anything, from guitars owned by the icons of rock n roll, to luxury cars.
9. A private chef. In fact, if you’re a millionaire then you can buy an entire staff, from security to protect all your expensive purchases, through to butlers, drivers and maids. The private chef is the ultimate extravagance though – Michelin starred dining without lifting a finger.
10. A sports team. Many a millionaire has ended up owning their favourite sports team – or at least a substantial stake in it. Microsoft co-founder Paul Allen, for example, bought NBA's Portland Trail Blazers and NFL's Seattle Seahawks.
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