Brits believe they need £3 million to be wealthy and Gen Z are the most optimistic they’ll get there

The average Brit reckons they’d need just over £3 million to their name to feel wealthy, and young people are incredibly confident they’ll ‘make it’.

Over half of Gen Z (aged 18-27) think they’ll be wealthy one day, while 38% of millennials think the same.

Overall, 25% of the population believe they’ll be wealthy one day, indicating the economic gloom of recent years, a cost-of-living crisis, rising energy bills and house prices, and inflationary pressure, hasn’t stopped people believing they’ll get rich.

Source: Survey conducted by Opinium on behalf of AJ Bell May 2025

That being said, just 3% of people describe themselves as being wealthy today. And it is pretty telling that a much smaller proportion of older people with more experience on their side think they’ll ever become wealthy. There’s clearly a gulf between dreams and reality, and building wealth is far harder than one may think.

How much wealth do households in the UK currently hold

Despite a great deal of aspiration and optimism across the UK, the reality is that most people aren’t on track to reach the multi-millions they believe are needed to feel wealthy.

According to data from the ONS, median household wealth in Britain is around £290,000, a long way off the £3 million mark*.

Median household wealth peaked at £502,500 for households where the eldest member was aged 65 to 74, showing young people are right to be hopeful that wealth can gradually build over time.

That said, this figure is just a sixth of the amount individuals would need to feel wealthy, and even the top 10% of households fall shy of the £3 million figure, with around £1.2 million to their name.

While there’s a multitude of ways in which young people may aspire to build wealth, a savings and investment landscape that reduces complexity would go a long way in supporting young people to achieve their financial goals, while also helping to unlock the retail investing culture which the chancellor desires.

Source: Survey conducted by Opinium on behalf of AJ Bell May 2025

Today’s high earners estimate they’d need £12 million to feel wealthy

Current earnings, region and age all influence how much money individuals say they’d need to feel well-off.

Those with earnings up to £30,000 a year say that accumulating £1.8 million would make them feel as though they’re rich, while those making over £100,000 put the figure much higher at £12 million.

Region also influences wealth perceptions, with the most notable difference being that those in the Sheffield region stated they’d need just over £700,000 to feel rich, compared to Londoners who put this figure close to £6 million.

Could you invest your way to ‘wealthy’?

The benefits of compound interest can support in building wealth over the long-term.

Those with a lower-risk appetite, who prefer to hold their money in cash, could hit the £1 million mark after 40 years by saving £843 a month in a savings account offering 4% interest. You’d have to store away a much larger sum of £2,529 to reach the £3 million wealth milestone.

In contrast, investing your money, which can offer a return of around 8% a year, means you would reach the milestones by putting away less money each month over the same period.

Assuming 8% growth each year and benefiting from compounding interest, would mean monthly savings of £894 would be required to reach the £3 million mark, before fees. Markets can be volatile, which means that you are not guaranteed an 8% return if you invest. But historically, investing in the market has offered better returns than keeping money in cash.

Source: AJ Bell

Read about how to become an ISA millionaire

*Based on ONS household wealth statistics, April 2020 to March 2022