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[Finance] What is 'rich' in 2023?

What is 'rich' in 2023?

  • Household earnings of £50K+

    Votes: 10 3.3%

  • Household earnings of £80K+

    Votes: 15 5.0%

  • Household earnings of £100K+

    Votes: 43 14.3%

  • Household earnings of £150K+

    Votes: 58 19.3%

  • Household earnings of £200K+

    Votes: 60 20.0%

  • Household earnings of £500K+

    Votes: 78 26.0%

  • Household earnings of £1,000,000+

    Votes: 36 12.0%
  • Total voters
    300


Weststander

Weststander

Well-known member
NSC Patron
Aug 25, 2011
71,195
Withdean area
beorhthelm said:
Orwell was middle class, pretty sure said so himself.

we have adopted the ABCD catagorisation to be more granular for economic and especially marketing, because the old classifications were so blurred and irrelevant. those with property, a profession are and always were middle class, its not based off personal beliefs.
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Funniest thing I heard with that classification was some twattish ex public school boys (only second and third gen wealth), who literally hated English “C2DE’s” (their language) appearing on England cricket tours in the 90’s in the West Indies.

They yearned for the pre cheap flights era when it allegedly all theirs, the ABC1’s.

I’m not joking.
 






Triggaaar

Triggaaar

Well-known member
Oct 24, 2005
54,630
Goldstone
Bakero said:
It's hard to come up with an objective definition. As @Machiavelli suggested, many would say anyone dependent on selling their labour is working class.
Click to expand...

That's just not a definition. The CEO of a FTSE 100 company is not working class simply because they're being paid for their time.
 


Bakero

Bakero

Languidly clinical
Oct 9, 2010
15,299
Almería
Triggaaar said:
That's just not a definition. The CEO of a FTSE 100 company is not working class simply because they're being paid for their time.
Click to expand...

Well, it is a definition.

IMG-20230712-WA0026.jpg
 


Triggaaar

Triggaaar

Well-known member
Oct 24, 2005
54,630
Goldstone
Bakero said:
Well, it is a definition.
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They don't seem to be sure of their own definition there - 'Includes all employees who are compensated with wage or salary-based contracts' & 'Working class occupations include blue-collar jobs, and most pink-colour jobs' - so not white collar-jobs, meaning not all employees at all then :rolleyes:

So you heard it here first - if you are the Prime Minister, you are working class.
 




Bakero

Bakero

Languidly clinical
Oct 9, 2010
15,299
Almería
Triggaaar said:
They don't seem to be sure of their own definition there - 'Includes all employees who are compensated with wage or salary-based contracts' & 'Working class occupations include blue-collar jobs, and most pink-colour jobs' - so not white collar-jobs, meaning not all employees at all then :rolleyes:

So you heard it here first - if you are the Prime Minister, you are working class.
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How many British Prime Ministers have lived exclusively on earnings from wage labour?
 


Worthingite

Worthingite

Sexy Pete... :D
Sep 16, 2011
4,967
Chesterfield
This is really interesting, as me and my partner are moving up north in a few weeks. We've made the decision because we have been priced out of Sussex - Our landlord is selling up so we're moving out of a 1 bed flat, however, we needed to upgrade to at least a two bed given the amount of tat we have! We are both on a good wage (just shy of a combined £100k between us), but the economics just didn't seem to work for us.

To get a 2 bed round this way (Worthing), you're looking at a minimum of £1200 a month for anything half sensible. We have taken the decision to move to Chesterfield, where we've just got a BEAUTIFUL 3 bed detached bungalow with a garage and separate office for £1000 a month.

To sum it up, down here the cost of living is getting higher by the day, but where we're going EVERYTHING is cheaper - property (we'll look to buy up there in a year or two), and even eating out, and day to day expenditure. We're massively fortunate that we both are able to work remotely, but we chose Chesterfield due to being able to get into Manchester (for my Mrs's work), and central London (for me) within an hour and a half. It's terrifying (and means that I'm only likely to be able to watch the Albion on telly!), but I think in the long run we're going to be far more financially secure and have a better life. It's disgusting that the housing market (both rental and sale) are what they are down here though.
 


KZNSeagull

KZNSeagull

Well-known member
Nov 26, 2007
21,203
Wolsingham, County Durham
Worthingite said:
This is really interesting, as me and my partner are moving up north in a few weeks. We've made the decision because we have been priced out of Sussex - Our landlord is selling up so we're moving out of a 1 bed flat, however, we needed to upgrade to at least a two bed given the amount of tat we have! We are both on a good wage (just shy of a combined £100k between us), but the economics just didn't seem to work for us.

To get a 2 bed round this way (Worthing), you're looking at a minimum of £1200 a month for anything half sensible. We have taken the decision to move to Chesterfield, where we've just got a BEAUTIFUL 3 bed detached bungalow with a garage and separate office for £1000 a month.

To sum it up, down here the cost of living is getting higher by the day, but where we're going EVERYTHING is cheaper - property (we'll look to buy up there in a year or two), and even eating out, and day to day expenditure. We're massively fortunate that we both are able to work remotely, but we chose Chesterfield due to being able to get into Manchester (for my Mrs's work), and central London (for me) within an hour and a half. It's terrifying (and means that I'm only likely to be able to watch the Albion on telly!), but I think in the long run we're going to be far more financially secure and have a better life. It's disgusting that the housing market (both rental and sale) are what they are down here though.
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Good on you and I am not surprised. I am living in a 4 bed terraced house with huge garden and am paying a rent that would probably only get me a garage in Sussex. I even get a discount because we cut the grass! Things will continue to get more expensive up here though once lots more people do what you are doing. I hope that it works out for you.
 




Is it PotG?

Is it PotG?

Thrifty non-licker
Feb 20, 2017
26,354
Sussex by the Sea
Article from Sky News:

'Most people believe an annual income of £213,000 is what it takes to be considered wealthy, according to a survey.

The study, by HSBC UK, averages out its results to come up with this headline figure - but contains big regional differences. Londoners surveyed say it takes more than £289,000 to be wealthy. Meanwhile, those in the North East say it's around £80,000.

Another interesting finding is a wealth perception gap. For example, only one in 10 people earning £100,000 or more described themselves as wealthy despite being among the UK's top 4% of earners.

The report says more than half (51%) of the general population identifies owning a private jet or a yacht (48%) as the main signifier of wealth.

But high earners themselves are more likely to consider non-material factors - such as retiring early (48%), frequently travelling abroad (45%) or having investments (54%) - as more relevant symbols.

Among the key non-material indicators of wealth are investments, with 49% of the general population seeing this as a key signifier.

The report says the majority (55%) of those earning over £100,000 have investments, but this figure drops dramatically to just 18% of the general population.'
 


Commander

Commander

Arrogant Prat
NSC Patron
Apr 28, 2004
13,925
London
Is it PotG? said:
Article from Sky News:

'Most people believe an annual income of £213,000 is what it takes to be considered wealthy, according to a survey.

The study, by HSBC UK, averages out its results to come up with this headline figure - but contains big regional differences. Londoners surveyed say it takes more than £289,000 to be wealthy. Meanwhile, those in the North East say it's around £80,000.

Another interesting finding is a wealth perception gap. For example, only one in 10 people earning £100,000 or more described themselves as wealthy despite being among the UK's top 4% of earners.

The report says more than half (51%) of the general population identifies owning a private jet or a yacht (48%) as the main signifier of wealth.

But high earners themselves are more likely to consider non-material factors - such as retiring early (48%), frequently travelling abroad (45%) or having investments (54%) - as more relevant symbols.

Among the key non-material indicators of wealth are investments, with 49% of the general population seeing this as a key signifier.

The report says the majority (55%) of those earning over £100,000 have investments, but this figure drops dramatically to just 18% of the general population.'
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I'd say that's probably about right. But it depends what you mean by 'wealthy'. It would be very, very easy to spend £213K a year without feeling like you were particularly wealthy.
 


The Clown of Pevensey Bay

The Clown of Pevensey Bay

Well-known member
Jul 5, 2003
4,362
Suburbia
This from the Institute for Fiscal Studies is a good and realistic measurer -- it takes housing costs into account.

ifs.org.uk

Your household's income : Where do you fit in? | Institute for Fiscal Studies

When you think about your income, do you feel rich, poor, or just plain average? Find out where you lie in the UK income distribution.
ifs.org.uk ifs.org.uk

(I've done it for my family: we are in the first category in the poll above, but without housing factored in, in the wealthiest 40pc of people in the UK. Taking housing costs in we are slap bang in the middle)
 






Bakero

Bakero

Languidly clinical
Oct 9, 2010
15,299
Almería
Commander said:
I'd say that's probably about right. But it depends what you mean by 'wealthy'. It would be very, very easy to spend £213K a year without feeling like you were particularly wealthy.
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If you're spending £213k a year and not feeling wealthy, you're utterly clueless (that's a general "you" btw)

Even if that's gross, you'd have over 10k a month for housing, bills, entertainment and savings.
 






dazzer6666

dazzer6666

Well-known member
NSC Patron
Mar 27, 2013
57,080
Burgess Hill
Bakero said:
If you're spending £213k a year and not feeling wealthy, you're utterly clueless (that's a general "you" btw)

Even if that's gross, you'd have over 10k a month for housing, bills, entertainment and savings.
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I worked with literally dozens of people in that boat (and partly agree - there is a degree of being clueless in there). Not untypical for people in the city on decent six figure salaries to have two mortgages (big family house, plus their apartment in Canary Wharf as they stay there during the week working daft hours), two or more kids at private school (that's £100k of your gross income gone at a stroke), couple of flash cars on PCP and expensive holidays ('keeping up with the Joneses' mentality)..................and a bored partner at home during the week spending a fortune.
 


deletebeepbeepbeep

deletebeepbeepbeep

Well-known member
May 12, 2009
22,211
dazzer6666 said:
I worked with literally dozens of people in that boat (and partly agree - there is a degree of being clueless in there). Not untypical for people in the city on decent six figure salaries to have two mortgages (big family house, plus their apartment in Canary Wharf as they stay there during the week working daft hours), two or more kids at private school (that's £100k of your gross income gone at a stroke), couple of flash cars on PCP and expensive holidays ('keeping up with the Joneses' mentality)..................and a bored partner at home during the week spending a fortune.
Click to expand...

Even if they have little money at the end of the month they are still wealthy owing to the fact that they have spent all their money doing what ummm wealthy people do.
 




Bakero

Bakero

Languidly clinical
Oct 9, 2010
15,299
Almería
dazzer6666 said:
I worked with literally dozens of people in that boat (and partly agree - there is a degree of being clueless in there). Not untypical for people in the city on decent six figure salaries to have two mortgages (big family house, plus their apartment in Canary Wharf as they stay there during the week working daft hours), two or more kids at private school (that's £100k of your gross income gone at a stroke), couple of flash cars on PCP and expensive holidays ('keeping up with the Joneses' mentality)..................and a bored partner at home during the week spending a fortune.
Click to expand...

I don't doubt you could spend it. However, if you're spending that kind of money maintaining that lifestyle and don't realise you're wealthy, you're an idiot :lolol:
 




dazzer6666

dazzer6666

Well-known member
NSC Patron
Mar 27, 2013
57,080
Burgess Hill
Bakero said:
I don't doubt you could spend it. However, if you're spending that kind of money maintaining that lifestyle and don't realise you're wealthy, you're an idiot :lolol:
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Trust me, a lot of them are.................many are destined to be working well into their 60s despite earning so much because of their spending habits (plus the cost of the almost-inevitable divorce).......................that's if the heart attack doesn't get them first, obvs.

I found some of the 'richer than yow'-type stuff really offensive TBH, hated it (and was often disadvantaged because I wouldn't get involved in it).
 




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