Earning £70k = rich?

[Rich accountant]

So, there was a comment this week by a politician that someone earning £70-80k could be defined as rich and therefore should be paying more tax.

Not wanting to get into the political side of this, but interested in people's thoughts on what they consider to be rich.

Personally, the above statement doesnt appear to consider wealth which is probably another aspect of defining if someone is rich.

Whilst I appreciate the above amounts are significantly more than the UK average at 2 to 3 times, the take home pay is not the same multiple. Then you have to consider area of country (SE and housing), family dynamics and overall household income, etc.

On a separate but related topic, has anyone been watching Rich House Poor House in channel 5? It has been interesting watching!

Sorry in advance if the above is not in line with forum rules.

[HelenJNT]

To me, someone rich is anyone earning more than me! As in they give me something to aspire to - not that I'm loaded.

By the way, your forum user name in conjunction with your post made me smile.

[georgemac]

I hope this does not become a political slanging match - sadly so much of today's politics has descended into this.

I think wealth and salary are completely different. I think someone earning £70K - possibly one of 2 working parents, with children, and receiving no state benefits, buying a house is not necessarily rich - it's all about disposable income.

This is a very good article about how the tax burden has moved during the last 7 years, when the burden on income tax has moved from low paid to higher paid. It does not paint the whole picture however, as does not include VAT, but those with more disposable income generally pay more VAT (given there is no VAT on food/children's clothes).

Nobody likes paying tax - but we have to do it.

I find it shocking how the largest corporations with huge profits can now virtually pay no tax, while small business still has too.

However no easy answers - and political life is now all about reelection - so hard choices tend not to be made.

Edited to add - aspiration is very important - and killing this would be dangerous.

[EssexSue]

Definitely depends where you live in country.

[ch1ps]

If I was earning £70K, yes I would feel rich.

[tracy99]

I would consider someone earning that amount of money,definitely well off.
Would I consider them "rich" I'm not so sure about that,as you say there are other things to take into account.
You could have a nice lifestyle on that amount of income,as a lot of people earn a lot less & maintain a nice lifestyle,so you could be rich in that aspect.
I did see 1 episode of the program,it was definitely an eye opener,keep meaning to watch some more on catchup,but haven't got round to it yet.
Tracy x

[JessBlu]

No!

I definatley don't think £70,000 a year makes you rich!

[anniee]

I would say they are a high earner but doesn't necessarily make them rich.

[Guest]

Well £70k is double what me & my dh earn together, so yes to me someone is earning that is rich.

[Guest]

If we assume that £70,000 is the gross figure, we have to take around £17,500 off for income tax and £4,730 National Insurance leaving £47,700 net. Hardly rich especially if you live in London and the South East.