Inflation has taken its toll on Jeremy Clarkson’s smash hit game show’s top cash prize which has stayed the same since its 1998 launch – leaving jackpot winners well short of true millionaire status
The £1m top prize on Who Wants to Be a Millionaire? is now worth the equivalent of just £500,000.
The hit game show offered the first regular £1m jackpot in telly history when it launched in 1998. Now in its 36th series the maximum payout has never been increased.
Inflation has reduced its real-terms value to £505,600 today, according to Bank of England figures. Only seven contestants have correctly answered all 15 questions to secure the jackpot.
Roman Dubowski became the show’s latest seven-figure winner last month. In today’s money, however, he took home £473,000 less than Judith Keppel, the first top prize winner in 2000.
Brian Byrnes, of wealth platform Moneybox, said: “This is a sobering illustration of the impact inflation can have.
“Today the show would almost need to be called Who Wants To Be a £2.2 Millionaire? to give people a similar level of wealth.
“Over long periods it’s crucial to look at different saving and investing strategies.
“Inflation can quietly erode the value of cash sitting in low or no-interest accounts, which makes the case for long-term investing even more compelling.
“Keeping £1m in cash savings products since 1998 would have given you around £2.1m today.
“But a globally diversified tracker fund could have turned it into a whopping £6m to £8m.”
Who Wants To Be a Millionaire? attracted 19 million viewers at its peak. It was initially presented by Chris Tarrant until he retired in 2014.
When it was relaunched in 2018 Jeremy Clarkson took over as host.
Ms Keppel – who became the first £1m winner in November 2000 – said: “Even though it is now worth half as much it is still a life-changing amount.”
Stellify Media, the show’s producer, had not responded to a request for comment.