Business | General
A tenth of Britons are rich but do not feel it
A tenth of the British population are classed as "rich" - but do not feel it.
- Reuters
- Published: 00:22 January 29, 2008
London: A tenth of the British population are classed as "rich" - but do not feel it.
Some 2.5 million households earn £88,000 - almost triple the average household income of £33,000 - take two foreign holidays a year and have over £20,000-worth of disposable annual income, insurer Hiscox says.
However, 90 per cent of them do not consider themselves at all wealthy, according to a survey of 1,000 "AB" professionals.
They say they would need to earn around £150,000 per household, have paid off their mortgage, own more than one property or a holiday home and send their children to private school before thinking themselves "well off".
Unlike the "yuppies" of the 1980s and 90s, the working wealthy of today are unlikely to flaunt their assets, according to the survey.
To these credit-crunch-conscious professionals, feeling rich in Britain is about having financial security rather than having luxury items.
They do, however, lead a comfortable lifestyle. Four in 10 go on more than one foreign holiday a year, almost a third own a luxury home entertainment system, almost a quarter have savings of more than £25,000, 15 per cent own a piece of art work, and 14 per cent own more than one property.
Steve Langan, UK managing director at Hiscox, said: "If anyone in that top 10 per cent can't accept they are wealthy, they should think again."
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