Many of us have dreamed of amassing a £1 million fortune, with the idea that it will secure a lifestyle of luxury and comfort.

But being a millionaire just doesn’t cut it any more. The average Briton now reckons they need a massive £3.1 million to consider themselves wealthy, it seems.

That’s according to research for The Mail on Sunday by investment platform AJ Bell, which surveyed 2,000 people in different parts of the country to find out how much money they would need to describe themselves as ‘wealthy’.

We reveal how much people say they would need to feel truly rich near you – and what the experts say you need to do to become a millionaire.

LONDON AND NORTH WEST NEED MOST

There is a gulf in the amount households across the nation think they need to be wealthy. Residents in one city stated just over £700,000 would do the trick, while those in another said almost £6 million would be necessary.

Unsurprisingly, it was Londoners with that highest dream number in mind – on average they said they would need £5,949,000.

That’s partly because the cost of an average lifestyle in the capital is so high. A single person in London is now expected to fork out some £4,626 on their monthly costs, the report said.

The average London house price is £532,500, according to Nationwide Building Society, but a family home in an ordinary area could easily cost £1million-plus and a large home in a swish postcode will run into several million.

Residents in the North West have the second-highest number in mind for a glamorous lifestyle. They say they need £4,598,000. This may come as a surprise in a traditionally cheaper northern region, but the North West is home to some very expensive areas, such as Cheshire footballers’ favourite Alderley Edge.

The Northern Irish say they need £3,117,000 to feel wealthy, while the Welsh say £2,612,000.

At the other end of the scale, the Scottish say £1,691,000 would make them feel rich, while those in the East Midlands reckon they need £1,278,000 to be wealthy.

When it comes to cities outside London, it is the residents of Liverpool who think they need the most. Liverpudlians crave £5,127,000 to feel wealthy.

If you want to live the life of the wealthy on the lowest possible amount, move to Sheffield. Here residents said they need the least to feel rich, at just £706,800.

Laith Khalaf, head of investment analysis at AJ Bell, says: ‘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.’

THE GENERATIONAL WEALTH GAP

Baby Boomers may be typecast as the wealthiest generation in history, but it is millennials who think they need the most to feel rich. Those aged 28 to 43 say they need £4,165,000 to be wealthy. Individuals in this age group may be first-time buyers or trying to move up the property ladder and have young children.

At the other end of the scale, it is those aged 79 and older who think they need the least, at £1,942,000.

The youngest adults, aged 18 to 27 – known as Generation Z – say they want £2,683,000 to be rich.

That’s a similar amount to Gen X (aged 44 to 59), who need £2,661,000 to feel well-off, while Boomers (60 to 78) want a good chunk more at £3,018,000.

Jason Hollands, of wealth manager Evelyn Partners, said: ‘There is a large element of subjectivity as to whether an individual “feels” wealthy, which will be influenced by their “back story”, their peers and their obligations.’

HOW DO YOU COMPARE?

One in four Britons believe that they will one day become wealthy – but most of us are a long way off what the survey suggests we will need. Median household wealth in Britain, from property, savings, pensions and other assets, is only £293,700, according to the most recent Office for National Statistics (ONS) data. That’s a far cry from the average £3.1 million individuals across the UK think they need to feel rich.

Even the top 10 per cent of households fall well shy of this, with total wealth of around £1.2 million.

Just 3 per cent of those polled by AJ Bell describe themselves as being wealthy today.

Household wealth peaks at £502,500 for households where the eldest member was aged 65 to 74, the ONS says. Mr Khalaf adds: ‘This shows young people are right to be hopeful that wealth can build over time, but this is just a sixth of the amount individuals would need to feel wealthy.’

CAN YOU BECOME A MILLIONAIRE?

It may feel like it’s impossible, but a careful lifetime of investing could grow a £1 million nest egg.

You are more likely to reach your goal by investing your money instead of saving it in cash. Investments tend to deliver higher returns than cash savings – but investing is riskier and you could lose money as well as make it.

The best savings rates currently pay around 4.5 per cent. Our calculations using This Is Money’s long-term savings calculator, at thisismoney.co.uk/calculators, show that over 40 years you would need to save £750 per month to reach a £1 million pot.

But to build the £3 million pot that the average Briton needs to feel wealthy, you’d need to invest a staggering £2,250 every month to reach your goal in 40 years.

Long-term studies show investing has delivered higher returns, with the Barclays Equity Gilt Study revealing an average return from the UK stock market of

4.8 per cent above inflation over the past 124 years.

Allowing for 2 per cent inflation on average and taking off investment charges of 0.8 per cent, this would mean over 40 years you would need to invest £500 per month to become a millionaire.

It would take investing £1,500 per month over 40 years to reach a £3 million pot.

But remember, your million, or even £3 million, won’t go as far in 40 years, as inflation will chip away at your money’s spending power over the decades.

If inflation averages the Bank of England’s 2 per cent target for the next 40 years, you will need £2.25 million to have the equivalent of £1 million today. To match £3 million today after inflation in 40 years, you’d need the equivalent of £6.7 million today.

Mr Hollands says: ‘Alongside the effect of inflation on lifestyle costs, the tax burden will also impact how “wealthy” you feel as it is net income and net wealth that matters when it comes to your ability to enjoy travel, nice clothes, dining out regularly and purchasing new cars, as well as helping out younger family members and leaving enough for old age.

‘With the tax burden at the highest level since the Second World War, many people who might on paper be higher earners or have “million-pound” Isas and pensions, won’t be feeling wealthy.’