Despite the fact the average UK salary sits at £37,430 per year, you’ll need to earn significantly more to be considered rich.
In fact, research shows that nine in 10 Brits who take home a six-figure annual wage before tax don’t see themselves as well off.
And the amount required to be classed as wealthy eclipses £100,000 in most parts of the country.
The figures, from HSBC, reveal a wide wealth perception gap, with people underestimating their earnings relative to others by roughly 30 percentage points.
Those in the top 4% also tended to identify as the ‘squeezed middle’,positioning themselves in the top 52% relative to the rest of the population.
Overall, an average annual income of £213,000 was judged to be the amount needed for ‘wealth’, while higher earners put the figure at a whopping £724,000.
Perceptions aren’t just affected by income level either, as different regionsshared vastly different views on what constitutes well-to-do in 2025.
Respondents in the North East of England said £80,000 would make someone affluent; still higher than the nationwide average, but far less than the £367,000 sum from the South East.
Londoners thought earnings of £289,000 meant someone could be considered wealthy, a figure which was (perhaps surprisingly) lower than than Scotland’s £331,000 and South West England and Gibraltar’s £323,000.
When it comes to other signifiers of affluence, 51% of the people saidowning a private jet and 48% owning a yacht.
However, high earners are likely to consider non-material factors – such as retiring early (48%), frequently travelling abroad (45%) or having investments (54%) – as more relevant symbols.
Additionally, a third of 18 to 24-year-olds believe having a strong work-life balance is a strong signifier of wealth – something 41% are aspiring to achieve in the next two years.
Vicky Reynal, financial psychotherapist, commented: ‘HSBC UK’s findings reveal a paradox: despite having high earnings and ambitious financial goals, many mass affluent individuals still don’t feel wealthy.
‘This disconnect underscores the psychology behind people’s perceptions of wealth.
‘Anxieties about rising costs, inadequate savings, and the pressure of social comparison create a sense of scarcity, even when objective wealth exists.
‘By redefining wealth beyond the bank balance, focusing on our achievements, reducing unhelpful comparisons, and prioritising financial actions within our control, people can move confidently toward the future they aspire to.’
This article was originally published on March 3, 2025.
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