Hot of the heels of this weekend’s post on the Top European Young Entrepreneurs of 2007 comes a report from the Independent that there are over 900 Britons between the ages of 17 and 34 who have a net worth of a million dollars or more. This number is also predicted to grow at 100% per year!
They are called the “baby millionaires” to reflect their youthful age. According to Coutts, a market leader in private wealth management in Britain, “Our client base is getting a lot younger. The average age of a millionaire used to be mid-fifties, but now it is mid-forties, which obviously shows that people are making their money earlier: they are tending to take the plunge and start their own businesses at a younger age.”
In addition, the research shows that 40% of the baby millionaires are women, dispelling the theory that it is a man’s only world, and 36% of baby millionaires are yet to be married.
Three of the baby millionaires profiled were:
Louisa Fletcher, Age: 32
- From: Guildford
- Worth: £7m
- Companies: Online property companies propertyprice advice.co.uk and fish4homes.co.uk
- She says: “You get to a point where you’re a bit fed up with providing the picks and shovels for everybody else in the gold rush. I launched my first site last year. On a normal day, I’ll switch my laptop on at 6.30am and turn it off at 9.30pm, including weekends. A lot of blood, sweat and tears has gone into this, but you have to be on the ball when you start your own company, because the buck stops with you.”
William Berry, Age: 29
- From: West London
- Worth: £5m
- Companies: Online companies accommodationforstudents.com, thomascharles.com and conferences-uk.org.uk
- He says: “I think it’s easier to become a millionaire now, but it does depend on the sector. The great thing about the internet is that it creates a fantastic level playing field. If you’re a small and dynamic business, it allows you to be more nimble than your bigger, lumbering competitors. The secret is having an ability to integrate business strategy and opportunity with technology.”
Jamie Murray, Age: Wells 23
- From: Gloucester
- Worth: £5m
- Company: Online company glassesdirect.co.uk
- He says: “While I was a student, I bought a simple pair of glasses for £150, a ridiculous amount to pay. When I looked at the whole industry, it seemed very dubious.”
Evan Carmichael
