Last updated 22:03, Tuesday, 01 April 2008

More than one in seven people think they will become millionaires during the coming decade, a survey has shown.

Soaking up the rich pickings: Around 15 per cent of people expect to have made at least seven figures by 2018, while 1 per cent of consumers claim they have already hit this milestone. But three-quarters of people said they thought more than £1 million was needed in order to sustain a millionaire’s lifestyle

Around 15 per cent of people expect to have made at least seven figures by 2018, while 1 per cent of consumers claim they have already hit this milestone, according to mobile phone group Orange.

But despite their optimism about making at least £1 million, three-quarters of people said they thought more than this was needed in order to sustain a millionaire’s lifestyle.

A quarter of people said they thought between £5 million and £10 million was needed in order to achieve a millionaire’s standard of living, with just 25 per cent of those questioned saying they thought making £1 million was a sign of business success.

Young people were the most confident about making £1 million by 2018, with 38 per cent of those under 44 expecting to become millionaires.

When asked what they would invest £1 million in, the majority of people said property, with 41 per cent saying they would put the money into bricks and mortar. But just 10 per cent would invest in the financial sector, while 12 per cent would invest in retail, such as buying a shop.

Women were more likely to want to put their money into environmentally friendly or ethical businesses at 34 per cent, compared with 26 per cent of men, while men were more likely to want to put their money into technology businesses at 28 per cent, something just 16 per cent of women would do.