What's rich?

Options
2

Comments

  • sally2000
    sally2000 Posts: 2 Newbie
    First Anniversary Combo Breaker
    Options
    It all depends on the definition of "rich" doesn't it. The poll specified "rich... NOT 'well-off' or 'comfortable' but rich! ..UK terms NOT a global perspective". (So for anyone who finds it terribly offensive in global terms, can I gently remind that the question *excluded* global terms. ) I've put a pretty high figure, far more than I would ever have or hope to have, because looking at prices of the more expensive houses in the UK, and assuming that "rich" in the terms of this poll means that *while living in the UK* you can buy and maintain something in, say, the better areas in London, with no price restriction, I think you'd need a pretty astounding income to move in those circles.

    Just to make things clear, I'll add that I feel "rich" in personal terms, though not in the very specific terms of this poll, because I have enough (for my needs and a few treats) which many millionaires cannot say. I guess that probably qualifies me as "comfortable" in the terms of this poll. I own a very ordinary house, am early retired on an adequate pension and have more savings than I hope I will need to use. And yes, I still look at prices in supermarkets and I think I always would, even if I *were* on a Paul-McCartney-size income, because that's who I am! ;-)
  • windswept
    windswept Posts: 1,412 Forumite
    Options
    To me, rich is having more than £2 million or £100k per year, I could spend £2 million in the blink of an eye, very easily. my hubby could spend that and more just on cars.
    very comfortable would be £40k+ a year. it also depends where you live, I bet £40k wouldn't go far in London.
    It's all relative anyway, I know people on less than £15k as a family but with a council house and tax credits etc. they are actually better of than us, with a £75k mortgage etc. their kids get full ema at college of £30 a week, our daughter gets nothing.
    "There is a light that never goes out"
  • Free_Kiwi
    Free_Kiwi Posts: 1 Newbie
    Options
    I have always felt that you can call yourself rich, when you have enough money in the bank that you can live off of the Interest, on the Interest.
  • CA$H
    CA$H Posts: 1 Newbie
    Options
    Bella56 wrote: »
    Goodness me, I found the results of this poll so offensive. I can't believe how many people actually think that you need an income of £100000 or above to be rich. At our current income (£21000/year) my hubby and I can afford to have a nice lifestyle with 1 foreign holiday a year and save up; double that to £40000 and we'd be rolling in money!

    The rich-o-meter at the Channel 4 website is interesting because it tells you just how many people are less well off in the UK or in the world:

    http://www.channel4.com/money/chat_vote_win/richometer/index.html

    And I'm sure that lots of people will say that being rich means having a massive house & mortgage, but that's surely not essential as just having something to keep the rain off your head makes you very rich indeed in comparison to millions of people in the world!

    Interesting link, although it may not appreciate the full picture. I live in the East Midlands, a friend of mine lives in London, he earns more but I am better off. I have visited the far east on my travels where I walked past many a 'rich' executive who was probably earning a comparable amount of money to me but had a much higher standard of living than me.

    On a similar note, is Britain rich? Compare a city like Sydney or Brisbane to London, compare the state of the London Underground to the one in Bangkok!
  • GUMPO
    GUMPO Posts: 376 Forumite
    Options
    making a pound a year more than you spend is about right.
    FREE THE WM3
  • Former_MSE_Lawrence
    Former_MSE_Lawrence Posts: 975 Forumite
    Options
    What's rich? Above what level of income would you say makes someone rich? Not 'well-off' or 'comfortable' but rich! Now to try and simplify it, we're talking in UK terms (not a global perspective) for someone who's single with no kids and no inherited wealth.

    D. £100,000/year 27.5% - (1842 Votes)
    F. £500,000/year 21.4% - (1431 Votes)
    E. £200,000/year 18.9% - (1263 Votes)
    G. £1,000,000/year 11.1% - (743 Votes)
    C. £60,000/year 10% - (668 Votes)
    H. £5,000,000/year 5.2% - (353 Votes)
    B. £40,000/year 4.5% - (307 Votes)
    A. £20,000/year 1% - (70 Votes)

    Total Votes: 6679

    Thanks to everybody that voted!

    threadbanner.gif
  • billythestickboy
    billythestickboy Posts: 15 Forumite
    First Anniversary Combo Breaker
    Options
    i find this really interesting, some really good points made here

    i know a lot of people who consider themselves to be poor, and they have overdrafts and student loans etc.. but then they also have newish mobile phones, lots of new clothes and spend lots on going out, smoking and drinking. so maybe the lifestyle that you lead is a better measure?
  • Horasio
    Horasio Posts: 6,676 Forumite
    First Anniversary Combo Breaker
    Options
    If I lived in a one bed flat I would have a lot of disposable income or if I lived in a mega big place, I would be a bit hard up.

    It depends on your lifestyle, size of family etc
    An average day in my life:hello: :eek::mad: :coffee::coffee::coffee::T :o :rotfl: :rotfl: :p :eek::mad: :beer:
    I am no expert in property but have lived in many types of homes, in many locations and can only talk from experience.
  • ps646566
    ps646566 Posts: 69 Forumite
    Options
    I have seen a sort of definition of rich recently, reflecting what used to be called the 'millionaire lifestyle'. Apparently due to inflation you now need about £3 million to maintain this. I suppose that would be equivalent to an annual net income of something around £150,000 (gross somewhere approaching a quarter of a million), if you're a fairly cautious investor and don't draw on the capital. The millionaire lifestyle as was defined comprises :- not having to work if you don't want to, a luxury 5 bedroom house with 2 staff, 2 luxury cars, an apartment and yacht in the South of France, dining out twice a week, and taking two luxury holidays abroad each year.
    I blame Blair
  • [Deleted User]
    [Deleted User] Posts: 17,413 Forumite
    First Post I've been Money Tipped!
    Options
    I have a roof over my head, and food in the cupboard .I have two beautiful daughters and seven healthy happy grandchildren who love me. This is worth more to me than any amount of wealth .I never do the lottery as
    A I think it's a waste of cash
    B I have no need for more than I have already .
    I have no envy for those with more, I am content with my lot and am not bothered about aquiring any more. I would like to be a bit more mobile ,but as long as I am able to get around and see my family that is more important to me than any extra pound notes
    I live on an income of around £10K per year and am quite content with that .
    I am neither cold nor hungry or homeless, I believe I am very lucky with what I have, which is a darned sight more than a lot of people
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards