I had no idea that my friend is a multi millionaire!!

[shockedpuppy]

Been friends for 35+ years. Both from "normal" working class backgrounds. I found out today, that her DH's business turned over £100 Million last year. Yes, One Hundred Million, it's not a typo.

They have a nice house in the South East, worth maybe £700k. There are no obvious signs of such wealth. They are not big spenders. We were at a party with them last month, and they were (as usual) quite slow to get the drinks in when it was their turn. We definitely got in more rounds. Gifts at Christmas are especially frugal, I normally receive something that has obviously been recycled as it's so bizarre, or it's obviously a freebie with another purchase.

I had been feeling quite good recently about money, as we pay off our mortgage later this year (house worth about £340k for context), and we will have a reasonable amount in savings. Now I just feel a bit Meh, as we will never attain anything like this. Just one million would do me, lol. I know comparison is the thief of joy, but I feel absolutely positively green with envy.

They will be able to do things for their 3 daughters when the time comes, like buy them homes outright - something we can't do.

We are all in our 50's, if that's of any relevance.

You do realise there’s a difference between turnover and profit, don’t you?

Turnover has nothing at all to do with profit. Or your friend’s wealth

This and most v wealthy people I have met are extremely stingy, thats part of the reason why they are so wealthy

I have (self made) multi millionaire relatives, tightest folk I know apart from when it comes to spending on their very exotic holidays.

Yes. The net worth is circa £20M

Turnover is not profit.

How did you find this out?

Exactly - £100 turnover - but how much of that is post tax profit, how much do they actually pay themselves?

high overheads could mean they really don’t have all that much.

Being careful with the money they do have suggests they are careful people - something I’d assume their employees are thankful for?

It's all on-line for anyone to see. Someone told me, I very much doubted them so looked on Gov website.

You definitely don’t understand how businesses work.

So they’re rich.

You are also doing well.

Comparison is the thief of joy.

Just enjoy your own sense of security. You have done well. You have a roof over your head. You have a future. Your stomach is full. You are safe. Warm.

And you also know that net worth does not equal cash in the bank? How did you calculate net worth i.e. value their shareholding?

It sounds like they’re tight. Perhaps th money isn’t bringing them joy or freedom! Enjoy what you have op…

Yeah obviously. They'd have to sell all assets, repay all debts, I get it....but when all is said and done, they could do that and just sit back with £20M

They would like you to think so.

”Net worth”? Do you mean value in the business? As in spend it and it’s gone?

it’s not like that all sits in their personal bank accounts ready to spend - a business needs cash to operate day to day

Weird post - how have you found this out? Companies House only have the short version of accounts - really just tells you an asset position on a certain day

The things you’re mentioning don’t necessarily have anything to do with how much money they have. They personally could be in massive debt for all you know.

You don't sound like you like them very much to be honest. Why does it matter if they have lost of money you didn't know about?

Have you not heard of the term ‘asset rich, cash poor’?

But why do you think they will buy their daughter's houses outright surely that's the worst thing to do. My dad's best friend is a multi millionaire and lives in a nice house with very nice cars but that's it, he's just a normal man. His son and daughter have both had to work for a living and buy their own houses. I also know one of Eric Clapton's daughters and she's also had to buy her own house 🤣

I think you need to have a good think about why you're gossiping about this friend's business and researching their accounts.

Is this new knowledge making you happy? Is it helping you? No.

Step away and do something healthier.

Sorry, but you clearly don’t understand this.

So how do you know they are personally multi millionaires?

Can you explain it to me then?

As long as you have enough , why do you care?
I had a friend who was absolutely loaded. Her day to day issues were the same as mine (kids, husband, dogs!) She lived in a better house (actually a castle) but apart from that, no difference. I dont get why people get so wound up about money

You're not much of a friend and you don't like her very much if you're going through their Companies House records. You are ruining your so-called friendship.