Millionaires in Majorca face big cut in spending

PALMA
MAJORCA is one of the most attractive places for a millionaire to spend money even though inflation has seen the purchasing power of one million pounds shrink dramatically since the first tourists jetted to the region.

According to figures released by the Bank of Scotland yesterday, someone would need 17.5 million pounds today to enjoy the equivalent lifestyle of someone with one million pounds 50 years ago because of a 17.5 fold increase in retail prices.

In 1958, one million pounds could purchase a luxury Portals-based yacht, sumptuous Son Vida villa and sleek sports car - and still leave change for a slap-up meal in a top Palma restaurant.