According to a poll of high-net-worth individuals by advisory firm deVere Group, more than half (52%) said the number one strategy to build wealth was to work for it, while 27% said to save and 21% said invest wisely.

deVere Group’s chief executive, Nigel Green, said: “There’s a certain perceived mystery surrounding how the wealthy become wealthy. But our study shows that the majority of millionaires accumulate their money the old fashioned way – they work for it.”

Last month, the deVere Group published findings of a poll in which it was concluded that high-net-worth investor confidence is at its highest level in three years, with 53% saying they were feeling bullish about the outlook for the next 12 months.

Green added: “Interestingly, the results of our ‘strategies for building wealth’ poll were not wide apart, suggesting a combination of all three – working hard, saving, and smart investing – is how the rich really become rich.”