Hard to be rich - €175m Euromillions win

How our world has changed. Not so very long ago, the Irish winner — Dublin-based, apparently — of the €175m Euromillions draw on Tuesday night could have quietly made an appointment with a fawning bank manager and deposited their winnings in a bank and lived comfortably on the interest.

Even a rate of 1% would have generated an annual income of €1.75m, more than enough to keep the great majority of people in considerable style.

However, in today’s turned-upside-down world, most banks will charge an individual for the pleasure of depositing that kind of a king’s ransom, as they have become risk-adverse. Most banks, the sober ones anyway, would more than likely just lodge the €175m in a central bank reserve account and pass the costs on to the depositor.

And there we were thinking the world’s mega-wealthy had a life of ease. Most of us can take comfort in the fact that this is an academic difficulty — unless you were the lucky person who won the €175m. In which case, any one of your many new friends will be happy to offer you advice.

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