What you'll need today to live like a millionaire: £6m

You need nearly £6million in the bank to qualify for membership of the elite club.

Today's self-respecting big spenders are not content with a degree of comfort most of us would envy. They want to emulate the super-rich, such as Chelsea owner Roman Abramovich and BHS tycoon Sir Philip Green.

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To achieve their luxury lifestyle, they can expect to fork out at least £750,000 a year and have assets of more than £5.8million.

Researchers based their findings on interviews with 200 UK-based multi-millionaires about their lifestyles and spending habits.

The minimum requirement to be considered rich in 2007 includes ownership of a £4million London mansion complete with staff at a cost of £38,400 a year, and a holiday home worth more than £1million. Other required spending includes at least two luxury holidays, wining and dining at the top restaurants and private school fees. In addition, you would require at least two cars worth upwards of £140,000.

Half of those surveyed owned a luxury yacht, 13 per cent had their own private jet and four of the multi-millionaires had their own private island.

The report's author Paul Naden, founder of luxury events organiser Carbon Black, said: "Even multi-millionaires are still chasing the dream. A lifestyle of luxury is not enough. They want extreme luxury.

In their circles, having a super-car is almost the norm, so now they want a collection of Ferraris, Lamborghinis and Porsches.

"They want private jets and then helicopters to take them out to their boats. They want the ultimate experiences and they are not prepared to compromise.

"We believe that this is being partly driven by the glamorous media presentation of the lives of the elite super-rich like Roman Abramovich, footballers such as David Beckham and pop stars like Elton John."

Britain's millionaire population stands at 376,000 and could more than quadruple to 1.7 million by 2020, fuelled partly by huge rises in the housing market. The average age of those interviewed was 34.

"A decade ago, the multi-millionaires would mainly have been in their late forties or early fifties," Mr Naden added. "But there is now a younger generation of entrepreneurial rich that is more thrill-seeking.

"We find that these people expect not only vintage champagne and the rarest cigars but accommodation in venues such as presidential palaces, which are not normally open to the public, and parties on private islands and super-yachts."

The report says birthday celebrations have become a particularly popular way for the super-rich to demonstrate their spending power. For example, Sir Philip Green spent £5 million on his 50th birthday party, flying in Tom Jones and Rod Stewart to provide the entertainment.

"Being able to afford the Brioni suit, the Rolex Daytona and the helicopter is one thing.

"But getting on the guest list of invite-only events is now seen as the definitive indicator of status for today's wealthy," Mr Naden said.