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.

Comfortable £200k
Rich £500k
Wealthy £1mm

Here we go again with the £150k isn’t rich brigade. I’m surprised to hear anyone outside London feels that isn’t rich! Im currently on 46.5k in London, living alone in my own flat and I feel well off. I think I’d feel rich if I was on 80k. I certainly don’t feel like you need 300k+ even in London! Granted if I had kids I’d probably up my figure a bit but not that much.

Idk really. Together we earn £98k a year and we don't feel rich. We live in C London. I think £200k would be rich and £500k would be wealthy. Per year.

@TedMullins

Here we go again with the £150k isn’t rich brigade. I’m surprised to hear anyone outside London feels that isn’t rich! Im currently on 46.5k in London, living alone in my own flat and I feel well off. I think I’d feel rich if I was on 80k. I certainly don’t feel like you need 300k+ even in London! Granted if I had kids I’d probably up my figure a bit but not that much.

But is a flat rich?

rich would be 500k plus & not really working for a living

If you earn over 60k you’re in the top 10% of earners,

this statistics exclude people who earn from dividends etc

Through investing, property developing, salary and inheritance, I am worth in the region of £1.6m? My annual net income is £50-60k self employed part-time. I am mortgage and loan free. I drive a modest 5 year old car and shop at aldi, and my house needs lots of work (big but crying out for refurbishment). I have business properties as well. I don't think of myself as 'rich'. You can go to any big city and find people who are super rich. However, I am comfortable and don't have to worry about bills, paying for stuff etc. I reckon the Joseph Rowntree definition of poverty applies to the other end of the spectrum. There is absolute and relative riches...not that it matters really. If you have enough money that you don't worry about money then you are probably 'rich'.

We're a family of 4 with an income of around £18,000 a year.
£40,000+ to me is rich.

@pancakesonsunday

In the south east, a household income over 300k

I have just come home from a curry night with my friends.We have just spent £50 each on our meal and booze . Our income is around £100 k what on earth makes £300k normal .. ridiculous!

@Sourwolf

We're a family of 4 with an income of around £18,000 a year. £40,000+ to me is rich.

So 1 adult on minimum wage? Or 2 adults working part time? If you are a 2 adult household that is a lifestyle choice Are you eligible for any benefits?

@HolidayTime2021 where do you live in the North that a nice detached house is 1.5million??? Unless by .”nice” you mean pool, cinema, etc.

@riotlady suburbs of Manchester / north Cheshire Manchester is about that!

www.rightmove.co.uk/properties/114421646#/?channel=RES_BUY (it needs a bit of redecorating)

Depends on your definition of rich I guess, I'd put it a good bit above being well off or comfortable. I'm friends with a couple who always fly first class, have a nanny for the kids even though one parent is a SAHM and split their time between their 2 big beautiful houses. I'd consider them rich although I have no idea what they earn. Can only guess he must be on 250-300k+.

@HolidayTime2021 The higher tax rate starts at 50k taxable. Not 150k!!!!

www.gov.uk/income-tax-rates

And yes anyone paying higher tax rTe in my mind is "doing well."

[quote WholeClassKeptIn]@HolidayTime2021 The higher tax rate starts at 50k taxable. Not 150k!!!!

www.gov.uk/income-tax-rates

And yes anyone paying higher tax rTe in my mind is "doing well."[/quote]
That the mid -rate.
The higher rate is £150k as your link shows.

Calling it additional doesnt detract from the fact that it is the higher rate- all politics.

4 tax rates 0, 20 , 40, 45
45 is the higher rate.

[quote riotlady]@HolidayTime2021 where do you live in the North that a nice detached house is 1.5million??? Unless by .”nice” you mean pool, cinema, etc.[/quote]
No. I mean large Victorian semi or 1930s-modern 4 bed small detached.

It clearly states higher rate is 50pk plus. Difference between higher and highest perhaps?

I'll attach a picture if you missed it from my link. To be clear. The government calls it higher if 50k plus...

I think theres rich and theres wealthy.

I think a lot of people are rich and they dont even know it; because they piss it all away. Wealth is when you focus on growing your assets.

And I think wealth ultimately makes you more comfortable and secure. Would you rather a huge salary and a shit load of mortgage; or a titchy wage and a paid off mortgage. For me its the latter.

And I am proud to say I am not rich for my age by any means (work part time in a care home), but I do feel fairly wealthy.

@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.

Agree with your definition, but £300k in Greater London is nowhere near enough for what you describe. £500k would be closer to it.... Just the cost of the children (private schools + activities and general kids expense) would leave very little from a £100k salary (and would probably tip over this) if you had more than 2 children, after tax.

@farfallarocks

Comfortable £200k Rich £500k Wealthy £1mm

Agree.

@TedMullins

Here we go again with the £150k isn’t rich brigade. I’m surprised to hear anyone outside London feels that isn’t rich! Im currently on 46.5k in London, living alone in my own flat and I feel well off. I think I’d feel rich if I was on 80k. I certainly don’t feel like you need 300k+ even in London! Granted if I had kids I’d probably up my figure a bit but not that much.

But you have a flat and no kids!!

Surely you can see how 1.5k per month for nursery for each child and even a modest mortgage of a couple thousand per month (that would be for small house if only 2k) already eats away at a huge chunk once salary...

@Xenia

It is all relative to others and usually as income increases you increase expenses such as move house. We paid off our mortgage on our previous house and 2 buy to let (I call them buy to lose) flat by the time I was about 35, sold all 3 at a loss - huge losses on the flats, borrowed a small fortune and bought a much bigger house (mortgage being £500k in 1997 (equivalent of about £900k today) which rose to £1.3m at one point after my divorce.

However I have always known the average UK pay and when I earn more than it starting from my £6250 first legal salary in 1983 which is about £20k a year in today's money which was less than legal secretaries got and indeed is less than my postman and now food van driver son gets but I knew the wage would rise as I picked business law in London as indeed it did.

The only real richness I value however is that I never seem to get ill. (See a doctor for 7 minutes in last 15 years kind of never get ill!!!!) Luckiest person in England.

I would completely agree with your last paragraph. I have chronic illness and felt way more envy reading your last paragraph than any of the posts about money.

I have had no money before (living hand to mouth and in debt) and we are now comfortable money wise. However I was way happier and had a much better life all things considered when I was poor. The phrase "if you don't have your health, you don't have anything" is so true. If I had to pick health or money it would be my health, easy choice.

Well yes I said if I had kids I’d probably raise the amount I felt would make me rich, but having high outgoings doesn’t mean you’re not rich, you still have a high salary even if you have to spend it all! I wouldn’t class £2k a month as a modest mortgage. You can still get 3 bed semis in my area of London for 400k, a couple with a combined income of 80k ish and a 10% deposit wouldn’t have a mortgage that high.

Well that depends @Courtier whether you class a flat as an inferior dwelling - I don’t. There’s flats and flats though aren’t there - could be anything from a council flat in a tower block to a period conversion with a garden to a luxury penthouse in nine elms (which would definitely be considered rich). Mine is the period conversion with garden type flat.

500k factoring a
69% tax rate