What income do you consider rich?

[Believer99]

Interested to know what household income is considered rich.
When I was younger (19) I remember telling my BF when he earns over 30k il be a SAHM 😳 because I considered that to be an awful lot of money

Now we are older & earning more of course my perspective has changed, I would probably consider a household income of over 120k rich now we live in the north of England.

I certainly can't afford first by the way but I reckon I could do it once if earning 270k with no mortgage

I am so staggered by this. I consider DH and I well off. I earn £23,000 and he earns £30,000. We holiday abroad every year, mortgage is our main outgoing. We don't do without, go out for a meal once a month, we have two DC at home and two living independently. I'm careful with money but don't scrimp. We live in the southwest, average house price is above national average. Council tax £1700 a year, water rates £900. It's not a cheap place to live but wages are low. Cannot imagine what I would do with that much money!

Our household income is utterly ridiculous and I consider ourselves very rich by definition. The rise to ridiculous has only really happened in the last 4 years through to now.

We were technically rich before it, just not silly, and have managed to accumulate a good amount of wealth, but nowhere near financially independent. We're working on that.

Our lifestyle is very good, as we try to balance enjoying ourselves and saving enough to continue that once we've retired, and early. We'll never be super wealthy.

i'm intrigued by what utterly ridiculous is?

i would think 2m plus

@lawnotorder

i'm intrigued by what utterly ridiculous is?

2m would be a quick path to super wealthy, I'm afraid it's not that ridiculous.

As of 2022 we're earning £350k/yr, rising to £500k depending on bonuses.

I wouldn't say that's utterly ridiculous but obviously a lot. My DB works for a MC law firm, some of the partners earn 2m.

Well done you though!

Afraid that’s just ‘good’ round my parts… you’ve got low aspirations

@lawnotorder

I wouldn't say that's utterly ridiculous but obviously a lot. My DB works for a MC law firm, some of the partners earn 2m.

Well that's a patronising response if ever I saw one. 'Well done you though, on earning 350k'

Wow.

That's was genuinely a well done! I said it was a lot.

My DB doesn't earn anything close to 2m, nor do I. I don't earn anything like 500k either!

I did think after I posted that someone would say I was being passive aggressive but I genuinely do mean well done as that poster has done extremely well.

Between us we earn around £400k a year, including bonuses. I feel rock

@MadamMoth

Between us we earn around £400k a year, including bonuses. I feel rock

I'll start again! I feel rich. It would be ridiculous to say otherwise!

I suppose ridiculous is as subjective as the word rich, and depends on your perspective. Based on my upbringing, family, friends and location, maybe a tiny percentage would disagree with my assessment.

I sometimes feel uncomfortable around real money, the kind that don't blink at my level of income. It's actually a pretty narrow field of people that accept me as one of them. I know...cry me a river!

Rock on @MadamMoth 😆

Rising to £500k is not ridiculous. It goes to a few law firm partners, indeed some up to £2m a year and barristers. That of course is much less than many of their clients who own and sell businesses..... it is all relative.

I certainly feel well off in that I could call a man to repair something this morning without worrying about the cost and in the past having had to worry about things like that so I know the difference. I still don't feel like a "rich person" as I have no savings or pension and will work until I die and have a mortgage as I turn 60 next month. I certainly know my income puts me in a reasonably high bracket but nothing like as high as had the £2m a year to partners firm where I worked and had hoped to be made a partner in the 1990s. However even they seem to retire by my age so perhaps in a sense have fewer choices than I do.

Our household income is circa £80k. I do think that's a lot of money, but dh believes this only covers the bare minimum! Which is weird, as my parents' household income was something like £275k when they both worked ft and PILs something like £60k.

I honestly don't want to be rich. I think people with big incomes just end up with big outgoings and then the thought of anything else is horrifying.

We earn 60k per annum and we are in no way comfortable. We are in greater London maybe 150k would be rich relatively?

@Libertaire

My definition of ‘rich’ would include a large, detached main home plus a holiday home, kids in private schools, two new premium brand cars, several holidays a year and money for expensive hobbies, eg golf, horse riding etc.

By that definition, I would say £300k in Greater London and £200k in the rest of the country.

I wouldn't think £300k would get you anywhere near all that in London in the current climate. The only person I know who had that kind of lifestyle from his income (minus detached main house because he lived in Central London so terraced houses are normal there) was on c.£3 million per year.

To answer the question, I would think about £1 million plus per year as very comfortably off (although still time poor if that money is being made in the City). The truly rich people I know are largely living off cpaital, no idea what sort of income per year but I would guess £100m plus net worth.

L

Our household income now is 64k. For me personally being rich is if your household is 300k. It means can afford 3 kids in private school without struggle. Its 14000 per month after tax. Wow.

My aim to get to 100k household income. Its well off but not rich. Because with 100k i cant afford to sent my 2 boys to private school. We still have to consider mortgage, bills, etc.

Our combined salaries have just increased by over 50% due to training/job change so we are feeling flush, but in reality we owe money for the period of time when things weren't so good. Without the debt payments each month, we'd be able to afford some luxuries like a cleaner/annual holiday.

It's not a set figure that makes you rich, circumstances are individual.