Brits don’t feel wealthy unless they earn at least £370,000 a year
Britain’s main opposition Labour wants to raise income tax for anyone over £80,000 while shadow chancellor John McDonnell classed anyone earning over £70,000 in Britain as rich.
But according to a survey of 1,555 professionals by employment data group Emolument that work in sectors are likely be paid a lot more than the average Briton, which clocks in at around £30,000 a year, the number is about more than five times this amount.
Emolument found that “the great majority of professionals do not [think they are wealthy] until they are well within the 1% wealthiest part of the population.”
As you can tell by this table, the standards of what a Brit would consider is very high — “twice the amount required to be among the 1% richest… (£162,000 per year),” says Emolument:
Emolument
“Considering current levels of frustration with their jobs and the industry as a whole, it is not surprising that only a small proportion of bankers feel wealthy,” said Alice Leguay, COO and Co-Founder at Emolument.com.
“After all, they entered the sector with hopes of huge bonuses, a glamorous and aspirational job and now find themselves in one of the most regulated industries with ever-shrinking payouts and poor social perception of their choice of career, as well as huge standard of living costs which many struggle to maintain. This discrepancy leads many searching for an exit towards less regulated and more exciting opportunities in the venture capital, private equity and hedge fund space, where bankers now perceive opportunities for wealth to be within reach.”
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
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