To ask what people consider rich....

[Imoen]

I'm possibly going to be flamed but Im genuinely curious. I keep reading on thread about its ok for the "rich" or the rich are getting richer etc....

I've also had several conversations with friends/family and often the throw away comment is "its ok for you, you're rich".

Thing is, I don't think we are. To me rich is not having to worry about working again.

WE both have very very good salaries which I'm grateful for an I know we're lucky (me 90K, him 60K) and we have a mortgage on a 4 bed house worth 280K. (130K left to pay).

But I would not say we are "rich".

@amlcrazy what you are talking about is wealth

wealth is made up of
1.property ( value - mortgage) usually known as equity
2, Pension fund ( not state pension)

1. Savings, investments stocks shares other financial products
2. Physical assets Cars, technology jewellery art antiques etc

most wealth is generated from 1 and 2 and pension is greatest everywhere except London when property is ( no surprise there)

the little wealth the very poorest have is in item 4 their phone , computer possibly an old car things that depreciate over time not increase

average wealth in UK is 250K but the variations from bottom to top is greater than it is for income
the bottom centile for income is about 10K and wealth is 5k
the top centile for income is about 85K but for wealth it is about 1.5 million

a young person on 100K is rich in terms of income but probably has little wealth, so their income centile exceeds their wealth centile

the poorer you are the more the little wealth you have is likely to be in item 4

those retired on a good pension that own home outright are likely to be in the highest brackets for wealth but often this is accompanied by an income drop so their wealth centile exceeds their income centile

wealth matters more than income based riches long term wealth is what stops you falling too badly if you lose your job

Youngandfree
I don't know you and am being hypothetical, but I could have said the reverse then, that the entire situation would be easier if you were more wealthy.

That's the only point I was trying to make, money makes life easier.

There is a good book called “The Rich get richer, the poor get prison” by Jeffrey Reimer.

@TeacupDrama

Yes, I suppose it should be termed "wealth" rather than being "rich".

The people I'm referring to have property, inherited antiques, and literally millions in the bank and other financial instruments. No idea about their pensions. I doubt they really need them!

It's complete financial security that sets them apart from regular folk- struggling to pay a bill is completely unknown to them.

@TeacupDrama it is isnt it, particularly the way London stands apart from the rest of the UK, very like Monaco does with the rest of France. The comparison with the North East and Wales is very sad, especially given recent news.

Op is pretty well off. The poster with £500k salary is absolutely minted and a stark reminder to me of how massively unequal this country is. It makes me angry.

TeacupDrama Exactly! As a said on maybe page 2 looking at income alone to determine who’s rich & who isn’t is far too simplistic.

DH has older friends who don’t have to work: they live off inherited / family wealth. They have a gorgeous house... and recently built another alongside. They fly to NY to take their kids shopping for birthdays etc. They split their time between various locations through the year - summer in the Med, skiing in the Alpes, etc. Money just isn’t a consideration at all. For me, that’s rich.

I find it bizarre that people feel they are not rich if they are high earners but have commitments to things such as a large protest or private schooling. Surely being able to afford or even consider these outgoings makes you rich? I would class rich as being a higher-rate tax payer.

I will never be rich but I have a good job and a mortgage. We can't afford holidays in school holidays but we might be able to one day when we've paid off the car. I am very aware that I am in a much more comfortable position than many of my colleagues who send money to relatives in developing countries for their kids schooling.

I know it is very British to not acknowledge your wealth but I hope those who have money recognise their privilege.

@MorondelaFrontera and I am trying to explain to you that in some situations money has no bearing whatsoever 😢 unfortunately...

Youngandfree
but I am afraid I don't agree. Even the worst situation is made easier if you can afford to take time off, even unpaid, find childcare for your child, pay for hospital car parks etc.
Money is not enough, but it's freedom.

@MorondelaFrontera I could afford to take a week off unpaid, hand over my children to a babysitter but what good would that be??!! I wouldn’t feel any better for it, i would probably feel worse to be honest,it wouldn’t fix it! It doesn’t change the situation...

I wonder if its a bit like how when you break a leg you suddenly realise how hard it is when you cant walk properly everywhere, discover how inaccessible some pkaces are etc.

When people have money, they genuinely dont realise how hard it is to be poor and how extra difficult it is when there really are no choices or things to do to ease difficulties. When the things youve always had are there you take them for granted.

When people have money, they genuinely dont realise how hard it is to be poor

that's a big assumption that people earning a higher tax rate job don't know what poverty is.

The upper class and really rich might have inherited their fortune - and it's not true for all - but if people have to work for a living they come from all possible background.

Not really an assumption. I have a lot of wealth in my family and have moved both in wealthy circles and works with those in more difficult situations.

This thread in fact goes to show though that so many v high earners (100k +?) have no real awareness of their privilege. Even if you come from different backgrounds the dya you start saying you dont have much money left over really after "very big mortgage/private school/etc outgoings" you have lost awareness of the situation!

Like so many before have said once you move in wealthy circles, perspective shifts.
Perhaps like how when your babies are teens its hard to quite remember just how hard those early days were!

I have read exactly the opposite, posters who imagine that past a certain amount (usually their own), people are "loaded" and are just free to spend money an anything they like and live a life of luxury.

It's not exactly realistic, is it

Op is pretty well off. The poster with £500k salary is absolutely minted and a stark reminder to me of how massively unequal this country is. It makes me angry.

Why does it have to be equal?

I felt quite poor when I was with exh who earned equivalent of a few £100k a year whilst having tiny mortgage and no children because he was a dreadful person.

I felt rich when I left him and got a job on my own paying £30k.

Now I have new DH and my earnings have increased considerably but I don’t feel any richer than I did back then.

Having loads of money doesn't make you rich, you could be loaded & totally alone, nobody to share it with or just very unhappy. The next person might not have two pennies to their name but be extremely happy. Money & possessions are not everything.

I think i’m well off. I earn 11k working full time pro rata. Tax credits pay me about 6k more. I have about 5k savings and we go on holiday every couple of months. I don’t have to worry about bills or food shop. I don’t drink or go out for meals etc much so my outgoings are pretty low. I guess it all depends on your lifestyle.

You’re not comfortable until you can live on the interest on your interest.

I can see all the arguments her e- that someone who pays 40% tax must be rich to those on lower incomes. I can also see th epoint that if you make choices to rent an expensive place or pay school fees you can hardly say you aren't rich (or at least aren't well off) because those things have to be taken off first.

However I've don't agree that if you are on £50k after paying tax and you have to spend £20k per toddler in London where you work that that is the same thing - it is a necessary thing in order to earn the money that you pay for child care so comparing a single mother with no second parent's help and who works full time and pays rent on a modest 2 bed means at the moment she is richer than someone on benefits who doesn't work and has the same net income. Longer term however our worker is likely to be better off as once the children go to all day school she just has to pay for childcare from 6.30 to 9.30am and 3 to 7pm each day.

I agree with you @xenia to be honest much of what you says makes sense people are long term better off working as child care costs do go down

however way back at the beginning of the thread it was about who were the rich when it says the rich should be paying more taxes when politicians talk about rich paying more they are not meaning Philip Green( though clearly the tax avoidance/evasion tactics of the super and mega rich should be looked into) they are meaning those who pay 40 and 45% tax already people earning 50K+

50K is not that rich it gives you after tax about 10K extra than the average person which should be more than enough to not to worry about how to buy food next week or pay the electric bill or needing to spend £400 on repairing the car or heating system but it certainly won't buy you multiple holidays new cars or dining at the Ritz
The average salary in UK is 35K which gives a tax home pay of £27K which is 2,278 a month
a salary of 50K gives you take home 37.5K ie just over 10K more you need to be earning 71K to take home 50K

I did say childcare costs were a necessity but private schooling was a luxury

Combined income of over £170k. No mortgage and no children. Yes we are very lucky and I am grateful every day. Early 40s. We work bloody hard though....

Handbag101

I don't understand the relevance of your post. Did you just feel like letting everyone know how much you earn?