Do you consider this ‘wealthy’?

Buy to lets aren't great these days and if mortgaged aren't ready cash. Same for holiday home. £3k isn't much to spend on a family holiday. I would say 'comfortable' rather than 'wealthy'

Agree! Many wealthy people are frugal , sometimes to the point of meanness. A colleague was telling us recently about his friend’s parents who are multimillionaires but shop in charity shops & never eat out. He said they save every penny they can and are always on the lookout for supermarket bargains, coupons etc. They just want to accumulate as much cash as they can!

Well they probably don’t have any money because they spend it all on shit like that.

if you spend everything you earn then you end up in the same boat as if you hadn’t earned it and not spent it.

Perhaps they prioritise holidays though? Maybe they can only afford them if they limit other costs. Unless you are ridiculously wealthy then at some point you’re going to have to budget

2 mortgages
4 homes to maintain
2 sets of private school fees

You’d need a lot of income to cover all that. How much do they make OP? They could easily be struggling with cashflow.

They are not struggling. They spend 3000 on a holiday several times a year.

Its obviously not average. The average income in the uk is around £35k and clearly that doesn't buy you multiple properties, private education and several holidays on top. People will come on here and pretend to think its not wealthy to give the impression they are used to much more and its normal in their circles but you'd have to be pretty ignorant to not know that objectively in the UK that is not an average level of wealth.

They spend money on holidays. Several a year at 3000 a pop. They are NOT cash poor.

They’re probably struggling because they spend too much.

They sound asset rich but cash poor due to all of their bills - although they probably wouldn’t be cash poor if the kids weren’t in private school and they weren’t leasing cars!

Well off, wealthy is more like some of the celebrities, for example Beckhams are wealthy

It’s her in laws. Not OP. She did give the main residence value – £700k.

So many weird materialistic class-and-money obsessed posts on MN today.

Top 1% more like. OP why not send them this ifs.org.uk/tools_and_resources/where_do_you_fit_in#:~:text=Introduction,do%20you%20fit%20in?%22.

Clearly owning £780k of secondary property plus the own home (no indication of value but I assume it's non a 2 bed terrace) plus two children put through private school is a case of massively wealthy in comparison to the average person struggling with their mortgage on their own home and their children's state education.

However coming on to MN and saying "hey everybody see how massively wealthy I am " is definitely a case of "cash but no class".

OP, your initial message leaves out that they their main home is 700k and mortgage-free.

So 700k free and clear
A further 780k in three rental homes, only 50 percent mortgage but lots of rental income
Private school for two and a few holidays a year costing 3k

Do you mean 3k each? You don't get many holidays for four costing just 3k. And is the private school a cheap one or an expensive one? There's a huge variation.

I'd call them very comfortable/well-off indeed. But if they have several holidays a year costing 3k pp and their private school is a top one like Stowe, Marlborough etc - and they are boarders - then I'd say they're wealthy.

You haven't really given enough info. And you can never know, because they might have lots of financial assets.

I think that’s wealthy.

also I bet the holidays are more expensive than that, there aren’t many family holidays left for £3K!

Depends how much you can afford to spend on a watch really.

In London joint income of 150+ and no children will put you in top 1%. Or at least it did 3 years ago.
So you do not need to be a billionaire to be in top few % even in London.

It all depends on income and outgoings surely. I assume decent whack comes in but finding 40k (guessing) in school fees a year is a lot especially if only one income.

I could see how they maybe asset rich but cash poor.
If they still have mortgages on those rentals and holiday home, they wont be actually making a lot per month by the time you take out management fees, landlord insurance, tax and maintenance of the houses.
2 kids at private school is going to be a couple of thousand PCM at least
Car lease fees, depends on make and model but potentially 600 to 1k a month.
When they eventually pay off the mortgages they will be in a good position. but atm their outgoings are large. But that's their choice.
They arent poverty stricken by any means, but they potentially might not have a huge amount of disposable income, depends what they earn as income.

I would say that having any one of those things does not make someone wealthy, necessarily.
But having ALL of them does.
That doesn’t necessarily mean they’re not struggling though because people tend to live in line with what they think they can afford - but they should probably look at where they can get some cash rather than plead poverty.

I agree they sound wealthy, but it doesn't really work like that. If you're 4'10 it doesn't mean someone who's 5'1" is tall.

Do you consider this ‘wealthy’?

Yawn

If I were wealthy I'd buy an island rather than a desert.