London 2012: UK millionaires back Olympics to help economy

The UK's millionaires are backing the Olympic Games in London to provide the economy with a timely boost

Paul Deighton
Locog chief Paul Deighton has been a driving force behind the Games Photo: The Sport Review

Paul Deighton

The UK’s millionaires didn’t make themselves a tidy package by failing to spot a good deal when they saw one.

And two thirds of them have given a big thumbs up to this summer’s Olympic Games, which they believe will have a positive effect on the UK’s economy.

New figures released by financial experts Skandia reveal 69.4 per cent of millionaires are backing the Games to put a spring back in the step of businesses everywhere as the UK goes Olympics crazy.

The main reason the UK’s rich and super-rich gave for their support for the Games was the regeneration of deprived areas of London, transforming the heart of the east of the capital.

Improving life in the six London boroughs hosting the Games – Barking & Dagenham, Greenwich, Hackney, Newham, Tower Hamlets and Waltham Forest – is a key part of LOCOG’s legacy plans.

Other economic benefits include converting the Olympic Village into 5,000 new homes, an improved transport system and thousands of temporary jobs boosting the local economy.

After the Games, four arenas, three 50m swimming pools as well as the water polo pool will be disassembled and rebuilt around the country, with sports equipment donated to UK sports clubs and charities.

Approval for the Games was higher among female millionaires and multi-millionaires, 73.2 per cent, than in males, 66.3 per cent.

The over 50s, 76.3 per cent, are also more enthusiastic than younger millionaires, 61.6 per cent, about the commercial value of the Games to the UK.

The figures come from Skandia’s second annual Millionaire Monitor, an independent survey of 549 millionaires.

© Sportsbeat 2012

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