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.

What this thread fails to point out is that you can be earning £2m salary and spending £2.5m. To base things purely on income is not really how i would define “being rich”, because you may owe lots and spend it all.
Surely the defintion of rich is having no debt, lots of assets owned outright bringing in income.
By this thread lots of people i know who bring in £20k a month are rich, but scratch the surface and by the end of the month they are potless.

Having a high salary can only make you rich if you have enough of it left to invest.
Many people on good money are also in loads of debt, have expensive cars, hobbies, private school etc.
Keeping up appearances and impressing people can get very expensive.
Having enough invested so you don't need to lift a finger makes you rich imo. But I suspect most of that is won or inherited rather than earned.

Anyone who earns more than me

Our joint income is £95,000 and I do not consider us 'rich' merely comfortable. With children at university we still have to budget. But we enjoy nice holidays.

Our joint household income is £135,00 and we have a lodger who pays us £800/month. On the face of it we are very well off, but money is so so so tight at the moment. Nursery fees are £900 and we pay £2,500/month in mortgage. We also pay massive commuting costs and bills are high and about to get higher. Our house needs constant work and repairs.
So we shop at Lidl and Asda and watch every penny.

Depends on your outgoings and disposable income

Depends really I'm on about 29,000 give or take

But my house is paid off very little outgoings/don't drive no pets etc

So I guess if you factor in not paying these things ??
Where you stay etc

Rich is when you don’t need to work to maintain a luxury or very comfortable lifestyle

Our income will be £80k this year. I felt quite proud of that in our early 30's, but this thread made me feel poor 😂 mad how everyone has such a different perspective. Midlands based so housing isn't expensive.

I wouldn't define wealth by income.

I would say if you are a high net worth individual, you are rich. HMRC defines high net worth individual as anyone with assets over £10 million. There is also another definition that a high net worth individual has £1 million in liquid assets i.e. not property, and definitely separate from primary residence. I would say these two groups probably do converge.

Anyone below that is upper middle class/middle class (in terms of income and the American definition, not the UK one) but not rich. This is why the middle class is the largest group in society!

Household income of £100k is comfortable, but wouldn't call neither well off nor rich. Because of the tax brackets to be well off I think it's closer to £150-180k. Rich to me is old or new money with the big house, household staff, multiple cars, yacht, etc..m

@Onlyrainbows www.tatler.com/article/penthouse-one-hyde-park-knightsbridge-for-sale-175-million-nick-candy

I wouldn't say house is an indication of wealth. I mean this is technically an 'apartment' but bears no resemblance to my 400k 2 bed flat in north london! This apartment is more expensive than a lot of the houses on Bishops Avenue!

I am in Midlands. Combined income of £110-120k We also own 7 bed property in France and 6 btl houses in UK but I don't feel rich. I feel comfortable as in if car broke I could just take in to get repaired or if appliance broke could just replace, go on nice holidays and can afford to have good social life and gift adult kids nice gifts, but not rich. For me rich is having so much money you lose track of how much you have.

@caringcarer you are actually richer than someone with a 300k income in London, a £1.5 million house and no other assets (plus a family to support). Its quite likely someone with a 300k income might not have many assets other than expensive place of residence assuming he bought his house recently.

Cos you have significant assets in excess of a million in addition to primary residence.

For me rich is having so much money you lose track of how much you have.

That's filthy rich . Different category again!

@onlychildhamster, the French house is mortgage free but I have 26 months left on mortgage on my main residence in uk. I am paying extra to get it paid off. Of the 6 btl 1 I have mortgage of £38k left, 2 have about £60k left on mortgage and other 3 are interest only. So comfortable but not rich and because paying extra mortgage on main residence don't feel rich but in 26 mo this I will feel richer as then mortgage free on main residence.

@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.

You can't afford all that on £300k in London. Unrealistic.