LONDON -- Less than 60 percent of millionaires who have won big in Britain’s National Lottery have immediately quit work after scooping a seven-figure sum. And, surprisingly, almost one in five continued to work, despite the life-changing cash, according to a new study.
When it comes to spending it, the most popular make of car bought by lottery winners was an Audi, almost a third of winners had a Jacuzzi installed in their home, and their favorite vacation destination was the United States, where they usually stayed in a five-star hotel.
The revelations come in an analysis of the spending and investments of the 3,000 lucky winners of £1 million ($1.6 million) or more since Britain’s National Lottery launched in 1994.
The study, released Monday, was commissioned by Camelot, the company that operates the National Lottery and analyzed by the U.K. financial consultancy Oxford Economics.
'A ripple effect'
It paints a picture of generosity cascading down the family tree. The 3,000 winners have made a further 3,780 millionaires among children, other relatives and friends.
"The effect of a win spreads much further and wider than we anticipated ... each win creates a ripple effect across this generation and very often the next," said Andy Logan of Oxford Economics.
The average win has been calculated to be £2.8 million ($4.48 million). If paid out in £10 bills and laid end-to-end, the sum would stretch 25 miles.
At a time when Britain’s finances are suffering from a downturn, the findings suggest a welcome infusion of cash into the country's economy. Winners spent 98 percent of their winnings in Britain, contributing almost £750 million ($1.2 billion) to the economy and generating over £500 million ($800 million) in tax receipts.
Between them, the 3,000 winners have bought 7,958 homes, 17,190 new cars and 300 mobile homes in which to spend their leisure time.
But many millionaires have not opted for the easy life.
The study identified 900 British businesses that have been started or supported by winners, employing more than 3,000 people. Almost one-third have taken up unpaid voluntary work as a way of passing the time.
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