To think this is classed as being wealthy?

[hadenougj1]

I genuinely don’t know. I have come from naff all so my judgment could be totally off.

This is for one person and one child… Do you think savings of 50k, income of 75k, own (mortgaged) home worth close to 500k and parents with four homes (one of which used as a holiday home all year round) means you are wealthy? Is this what is meant by ‘he or she is wealthy?’

Well they’re certainly not skint!! And probably in the top 10% of earners/wealth

It wouldn’t be wealthy in London.
and parents’ wealth should not be considered.

I used to say anyone with savings at all was well off but that’s not really true and as people said it’s more privileged but if the mortgage and childcare take up the wages they could be struggling (although they have savings so …) I’d see wealthy as Alan sugar etc

No an income of 75k and savings 5ok is not "wealthy"
Wealth is "a great deal of money" so that you don't have to worry about living costs and can purchase luxuries without thought. You should even be able to not work...although you may have business interests.

A 400k mortgage on a 500k property over 25 yrs would take over half your salary on 75k.
Savings of 59k is less than a year's salary (about a year after tax) so you need to work.

The parents are seemingly wealthy based on properties owned but depends if they own them outright and need any rental for living expenses or not.

Depends on outgoings. You can look wealthy on paper, and not have that much disposable income in some cases.

Not wealthy. Just comfortable.

Wealthy is having a town house in London, a newish Mercedes and/or a sizeable second home abroad that you don't need to rent out.

Not poor, obviously, but I wouldn’t say wealthy.

Their parents 4 homes have nothing to do with it.

I'd say it's comfortable but not rich or wealthy. It does also depend on age imo.

However using the word comfortable here probably implies that more than 50% of the UK is NOT financially comfortable.

No. Not wealthy. Comfortable (and how comfortable depends on the LTV in the house).

I don't think of "wealthy" as this level described.

I think of wealthy as someone who could buy a flat in their teenagers university town to avoid them needing to pay rent. Perhaps with a mortgage but the mortgage being easily affordable and the person having savings that would cover it. Also the person being able to holiday pretty much anywhere in the world they fancied without budget being an issue.

This person has a good income and an expensive home. However as someone has previously pointed out if they live in London it could be a small and very modest home and over half their wages could go for paying for it. If the property is in a cheaper part of the country then could be a very generous property for one adult and one child.

The 50k "savings" sound like a lump sum left after divorce/property purchase etc. They might be eaten into if the person can't afford their mortgage and childcare etc and ebb away.

OP you sound like you were happy in your home, making ends meet with a little debt like many of us - don't let someone else's circumstances which might get better or might get worse, change how you feel about your own.

Package of millions is wealthy like a ceo
https://www.theguardian.com/business/2023/dec/14/thames-water-appoints-chris-weston-as-boss

Your example is doing fine and pretty average for a taxpayer in a professional job "normal" "hard working" person !

The word wealthy to me suggests the Monopoly Monocle Man.

I'm would call these people rich in my close social circle, and middle class in my professional circle

Depends on age and if that savings amount included pension funds

Aged 65 with only 50k in a pension pot and a mortgage on the home - no not wealthy

35 with pension pot in addition to the savings - yes

The parents wealth isn't really relevant

Wealth is relative OP, some people having running water and electricity are considered wealthy in some parts of the world. In the UK, I wouldn’t say this is wealth, no, but comfortable.

On MN, you're only wealthy if you're a billionaire and own a few small islands.

You haven't 'been made to feel' anything. It's not about you.

Her circumstances have changed, it's a shock, friends are being supportive. To her.

To me that's comfortable not wealthy. Wealthy means being able to spend money without needing to save up, budget, it's when you book business class flights without a special offer, you need to get on at least double more likely triple that to be properly wealthy.

£60-200k depending on where you are to a certain extent is comfortably off, we are in that category but we can't spend without thinking

Parents having four houses doesn’t really impact on their daughters situation, is the wealth isn’t passed on.

If she’s just taken out a big mortgage, then a lot of disposable income will be spent on that, so she must nit feel very wealthy at the moment. I’d say comfortable rather than wealthy.

100% no

Comfortable, definitely.
Affluent, possibly.

Id say you are more typical of households with kids.

I wouldn't put her as wealthy, tho her parents might be getting into that category.

There's huge variation in this country. Many people living like you and many living like your friend. I'd say they're very comfortably off. A lot depends on their outgoings, size of mortgage etc but they have very healthy savings.

No I wouldn’t say that was wealthy. Obviously not poor either but I imagine your friends are exaggerating to convey the change in her situation. You're taking it far too personally.

Definitely wouldn't put someone with a house worth £500,000 in the category of wealthy, and most definitely not if the house is mortgaged.

I suppose it depends on the area but where I live SE £500,000 is a pretty average price for a pretty average family home.

£75k is a decent income, but again it's nowhere near wealthy. And the same for the £50 savings, it a nice amount but far from an indication of wealth.

And as pps have said, what her parents own is irrelevant.

Wealthy in my view.

Not sure what patents wealth has to do with it.
Income £75k and a mortgaged £500k house is not wealthy. It's comfortable depending on the size of the mortgage.