Jeremy Clarkson’s Who Needs to Be a Millionaire? should still provide contestants the possibility to win £1million, however the prize is price barely half of what it was when the programme first launched.
Evaluation utilizing Financial institution of England inflation figures reveals the present’s well-known prime prize has fallen in actual phrases to round £505,600.
The ITV quiz present, now in its thirty sixth collection, made tv historical past when it debuted in September 1998 with the primary common seven-figure jackpot on British tv.
Regardless of quite a few format adjustments through the years, the £1million prize has by no means elevated.
The primary episode aired on ITV in 1998
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ITV
To match the spending energy of the unique jackpot, contestants at present would wish to win round £2.2million.
At its peak, the programme is alleged to have attracted audiences of 19 million viewers hoping to see a contestant reply all 15 questions appropriately.
Roman Dubowski grew to become the present’s seventh millionaire final month after appropriately figuring out Bass Ale because the trademarked emblem referenced in James Joyce’s Ulysses and featured in works by Édouard Manet and Pablo Picasso.
Nonetheless, in at present’s cash, his winnings had been price roughly £473,000 lower than the quantity obtained by Judith Keppel, who grew to become the programme’s first jackpot winner in November 2000.
Chris Tarrant was the unique host of the hit quiz present
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ITV
The figures present how sharply inflation has lowered the prize’s real-world worth over time.
Ms Keppel’s victory was well worth the equal of £979,100 at present, whereas David Edwards and Robert Brydges every obtained winnings price round £967,200 once they gained in 2001.
Pat Gibson’s 2004 victory would equal £929,800 at present, Ingram Wilcox’s 2006 win was price £890,300, whereas Donald Concern’s 2020 jackpot equated to round £654,500.
Brian Byrnes, of wealth platform Moneybox, stated: “It is a sobering illustration of the impression inflation can have.
Jeremy Clarkson has hosted the ITV revival of Who Needs to Be a Millionaire? since Might 2018
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GETTY
“Right this moment, the present would virtually should be known as ‘Who Needs To Be A £2.2 Millionaire?’ to offer folks an analogous stage of wealth.”
Mr Byrnes stated the figures highlighted the significance of rising cash over time fairly than leaving it sitting in money financial savings.
“Inflation can quietly erode the worth of money sitting in low or no-interest accounts, which makes the case for long-term investing much more compelling,” he added.
The evaluation additionally examined how £1million from 1998 might have grown by investing.
In response to the figures, maintaining the cash in money financial savings would have elevated its worth to round £2.1million at present.
Investing the identical quantity in a globally diversified tracker fund, nevertheless, might have produced returns of between £6million and £8million.
James Norton, of funding supervisor Vanguard, stated: “Profitable £1million nonetheless feels like instantaneous monetary safety, however inflation is a reminder that cash would not stand nonetheless if it is left sitting in money.”
Regardless of the prize dropping a lot of its authentic worth, Ms Keppel stated the win nonetheless remodeled her life.
John Carpenter was the primary winner to go residence with the million pound jackpot
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ITV
She instructed The Telegraph: “Though it’s now price half as a lot, it’s nonetheless a life-changing quantity. It definitely modified my life and I’ve had monetary peace of thoughts ever since. I used to be so fortunate.”
The programme has undergone a number of adjustments because it was first hosted by Chris Tarrant in 1998.
Mr Tarrant stepped down in 2014, earlier than Jeremy Clarkson took over when the present was revived in 2018.
Whereas lifelines and query codecs have advanced through the years, the £1million jackpot has remained unchanged.
GB Information has approached ITV for remark.
