There is no separate winnings tax on the British EuroMillions winnings, so he started a new life with almost the full amount of 161 million pounds.
However, legacy data released after his death left another number. Weir was found to have spent more than 40 million pounds, or about 78.4 billion won in Korean money, over the eight years since winning. If divided by period, it means that about 200 million won was spent every week.
Where did the money go? Purchasing luxury homes, supercars, and racehorses was standard, and large-scale investment and sponsorship of the Scottish professional soccer team ‘Patrick Thistle FC’ continued. Rather than simply accumulating luxury goods, some say it was closer to a life of “doing everything you can with money.”
He went through a divorce in 2018 and passed away at the age of 71 in 2019. The lottery winnings, which were once worth more than 300 billion won, quickly turned into real-life consumption and choices over the next eight years, and the remaining wealth was inherited by children.
Person: Colin Weir (Scotland)
Winner: EuroMillions 2011
Prize money: 161m (about KRW 315.6 billion)
Expenses during lifetime: 40m+ (about KRW 78.4 billion)
Period of use: Approximately 8 years
Average spending: approximately 200 million won per week
Death: 2019
Residual assets: children’s inheritance