Price of being a millionaire is £5.8m

Those wishing to live the millionaire lifestyle will now need £5.8 million, according to a report commissioned by the National Lottery.

With property prices escalating and inflation on luxury goods rising fast, having a million in the bank will no longer buy the dream of living like a rock star.

In fact, if you want to be in the same wealth league as the Beckhams, you would need at least £108.6 million.

According to a report, simply being a millionaire is not what it used to be.

Sarah Bloomfield, economist for the Centre for Economics and Business Research and author of the report, said: "We estimate there are about 400,000 millionaires in Britain.

"The interesting thing is that a couple of years ago £2 to £3 million would be enough to guarantee a luxury lifestyle but that has now risen to £5.8 million.

"This is mainly to do with property prices going up, but it is also because expectations of luxury have risen."

The report categorises five different 'types' of millionaires according to these expectations.

Ms Bloomfield explains: "A 'blue' millionaire is someone who is financially secure but leads a normal life. This costs about £1.7 million.

"£5.8 million would make you a 'silver' millionaire, which gives you a detached house, a villa abroad, and being able to never work again.

"But for the ultimate lifestyle – private jet, a yacht, even an island – you would need in the region of £108.6 million. This would put you in the same league as celebrities such as the Beckhams, or Guy Ritchie."