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“Who Wants to Be a Millionaire” top prizes winners get only half initially

Fact - Top prizes, $1 million and $500,000, of "Who Wants To Be A Millionaire" are given over periods of 20 and 10 years, respectively. Winners get only half initially; the rest are paid out as annuities.
Pic Credits: © 2006 Roo Reynolds | Who wants to be a millionaire? | CC BY-SA | Modified

The $500,000 and $1 million prizes of “Who Wants To Be A Millionaire” were originally paid out as lump-sums.

Starting 2002, winners received only $250,000 within 30 days, the rest being paid out as annuities over a course of 10 and 20 years. Thus, the $500,000 winners receive $25,000 each year for the next ten years and the million winners get $37,500 per year for 20 years.

Though inflation was’t accounted for, this payout method may be beneficial in the long run because it would save tax.

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