How Much Do You Need to Earn to be Rich in the UK - (Here's What The Data Says)

Want to see how much they earn in the US vs the UK - Brand new video here

This video looks at how much the top 10%, 5% and 1% of top earners in the UK make. But then also looks at what it means to be wealthy and why income and wealth are different. I show you all of the latest data from the Office for National Statistics, recent academic studies and company financials to break down and answer the question of what it means to be rich in the UK and what things the wealthy actually invest in.

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[TobyNewbatt]

Just posted another video now that compares the US to the UK! Enjoy! How Much Do You Need to Earn to Be Rich in the US (vs. the UK)

[TomWellyWells]

It’s simple, I will feel rich when work becomes a choice.

[TheBClark]

My wife and I are both in the top 10% bracket and our combined annual income, including bonuses and share schemes is about 140-150k before tax. However we have no generational wealth (our parents all worked blue collar jobs) and while very comfortable we don’t live a life of luxury. We have a 10 year old car and a fairly modest 3 bed house. We live in the south east, over an hour from London, and our mortgage and childcare costs alone equate to an annual salary of £58k a year. I am incredibly grateful for our situation but salary isn’t the only metric for wealth.

[Nada-Mal]

For me, rich is: having enough passive income that said income covers all my living costs.

[Unshou]

Just a quick correction. "Monthly Take Home Pay" typically refers to what you take home after tax and NI deductions. So an annual salary of £62, 160 has a monthly take home pay of £3, 759, not £5, 180. The numbers you're using aren't wrong but referring to them as "Monthly Take Home Pay" might be confusing to some.

[PeterCruz-uniy]

In order to feel rich, I’d say the below:

- owning a property
- being able to cover food healthcare and basic holidays
- have a car
- have saving to prevent any debt, or in the event of emergency

[camzy]

Shocked how (relatively) attainable a top 10% income is, I'd have expected that figure to be at least £30k higher lol. UK's growth and wage stagnation has been appalling

[lucferblack]

Being rich is not about how much you earn its about how much you spend. I met a BA who was on £700 a day was struggling because his wife wanted the big house nice cars etc. He was in payments up to his ears. I met an handyman who would spend 5k on each kid every Christmas. I also had a neighbour once who lived in a run down area but had 2 top of the range Mercs on finance on his drive so he could look cool. I love charity shops we both take home £2300 a month each and together we pay £1, 400 for a mortgage. We have a big tv 2 games consoles and 2 laptops we barely use. we have a lot of free money because we don't like expensive restaurants and think designer clothes are a ripoff. You are only as wealthy as the lifestyle you pick

[Kaku]

Feeling rich for me is to be able to save more than I have to spend and having no debt.

[mtmachine]

I left my 55k a year job in London last year. I now live in the Philippines. I pay £100 a month in rent and spend a total of £400 a month. Living in a 3 bedroom house with my fiance . I work less than two hrs a day as a remote consultant(making 2k a month) and feel rich.

[MartynThomas]

The difference between "income" and "wealth" is crucial.
I've watched a few videos like this one and discovered that although I'm in the top few % of earners, I'm probably only just (or perhaps not even) in the top 35% by wealth and assets.
I come from a pretty modest background and so although I sometimes feel rich, when I look at the house extensions, new cars and fancy holidays of the people on my road or at work, I often don't feel it.
When a friend sold their 3 bed ex-council semi and bought a £2M+, 6 bed detached in the posh part of town, I realised that "inheritance" if far, far more important than salary.

[ricequackers]

"Truly rich" is when you can live off your assets without needing to work. A banker/trader/quant in the financial industry making £300k or so is ultimately in the same boat as the majority of the country - they have a nicer house, flashier car, more holidays and more funds to fall back on, but they still need to keep an eye on their high mortgage/childcare/education costs, and they'll be in trouble if they lose their job and don't find another one in time. It's the ones above them that are the properly wealthy.

[fear_not]

Wow! These numbers are really surprising! I was on almost 40k in my last job (social services) and I definitely didn't feel rich but on the other hand, I managed to save 30k in few years and quit the job to travel for a year. I would probably feel rich if I could afford a mansion in London instead of a studio flat with 30 years mortgage.

[midlifecarsis]

What this REALLY shows is how embarrassingly low incomes in the UK are.

[GeorgeKershawBMX]

Top 10% at £62K? That is scarily low. Would have expected that to be about double that!! Crazy to see these numbers when almost every other car on the road is only a few years old… some people must be making crazy financial decisions 😂😂

[LunaNovaTarot]

My dad always told me growing up : A poor man that acts rich will always be poor and a rich man that acts poor will always be rich.

[sinnera]

absolutely loved this video and I resonate with your definition of being rich. Subscribed!

[nataliam]

This shows that salaries are complete crap in the UK.

[GrooveTasticThang]

That isn’t the monthly take home as the tax increases exponentially including 62% between 100-125k - £200k brings 9k per month

[richard]

Have only recently discovered you channel. Do like your videos. You have a good style and a very clear way of getting information across.