How rich are you? Find out how you compare in an all-UK Rich List

July 22nd, 2011 19 Comments By Thewlis

fifty 300x225 How rich are you? Find out how you compare in an all UK Rich ListHow rich do you think you are, compared with everyone else in the UK? Chances are you consider yourself ‘in the middle’, but you might think you are particularly high, or low on the list. Well, now you can find out for sure as the Institute for Fiscal Studies (IFS) launches a rich list calculator that gives you a definitive answer.

The calculator asks for details of your income, family and council tax, and gives you your place in the income distribution of the UK. The calculation is per household, so a millionaire’s spouse is not considered ‘poor’ simply because they have no personal income. It also means that larger families need a higher income than smaller ones in order to attain the same standard of living. Naturally those premiership footballers and Russian oligarchs are going to be leading the charge, but what about normal people?

Research conducted for the Joseph Rowntree Foundation has shown that the majority of people in the UK  believe that they are ‘in the middle’ of the income distribution. Yet in reality many of these people are miles away from the middle. From poorer people in the bottom third of the income distribution, up to people in the top five or ten per cent, many will happily report that they think they’re ‘in the middle.’

So what is the middle? Well, the income required to make a household fit the median depends on the family circumstances. A couple with no children would need a weekly net income of £420 (e.g. a single-earner couple with an annual salary of just over £30,000 before tax) but a couple with two children would need a weekly net income of about £640 (e.g. a single earner with an annual salary of £45,000 before tax).

In line with official Government’s official poverty statistc calculations, if you fall in the bottom 17% of the list, you fall below the poverty line (quantified as 60% of the median income). This would include couples with two children with net incomes of less than £380 per week, and lone parents with two children whose net incomes are less than £300 per week. It would also include pensioner couples with weekly net incomes of less than about £250 per week.

So what are you waiting for? Go find your place in life. The calculator is available online, or as the IFS’s first ever iPhone app.

Comments (19) Jump to most recent comment
  1. Posted by Darren July 22, 2011 at 9:13 am

    You have a higher income than around 90% of the population.
    Woop Woop. Does that really mean anything though?

    So what result did the bitter wallet staff get?
    “You have a higher income than around 0.5% of the population. You are poor, you must work for bitterwallet.”

  2. Posted by 99thcentile July 22, 2011 at 9:42 am

    Let people enter the figure for gross salary not net. And make them do it yearly. There’s too much scope for mistake in entering the same amount of data this depends on.

  3. Posted by Darren July 22, 2011 at 10:35 am

    @99thcentile, Who cares about Gross Salary?

    It does not do you any good any of the tax/NI stuff so I would much rather talk in regards to what is in my pocket to spend every month rather than what I should have in my pocket every month.

  4. Posted by The Real Bob July 22, 2011 at 11:18 am

    Somehow your council tax shifts your postion on the scale, how that works I don’t know, I can only assume that their assumption is that if you pay more council tax then your outgoings are higher and therefor you’re poorer. I’d also question whether they’ve included the elderly and children in this because I’m in the 98th percentile then 98% of the country must earning fuck all.

  5. Posted by Fat Dan July 22, 2011 at 11:38 am

    I got 81% so why am I fookin skint…. probably all the money I spend through HUKD

  6. Posted by Michael July 22, 2011 at 12:18 pm

    Surely the North – South divide will play a part in how well off you are in real terms. I live in the south where a 1 bed flat costs £220k, or to rent the same is £850 pcm. Up north I would be paying £350 or so for the same sized place, and £220k would probably buy a decent sized house.

  7. Posted by kv July 22, 2011 at 12:27 pm

    then they sell on your details to people who can spam you to death

  8. Posted by MrRobin July 22, 2011 at 1:59 pm

    “Your income is so high that you lie beyond the far right hand side of the chart”

    Oh feck off!

  9. Posted by Tom July 22, 2011 at 2:09 pm

    You dont’ give over any id info.
    I am in the 39% and quite well off, but compaired to some people I think we must be poor.
    Thats with a first year teacher sallery (21.5k,15.5k after tax) my selfemployed pay (~6k) and child benifits (~3k).
    Council tax muxt determin how much you pay on mortgage.

  10. Posted by Tom July 22, 2011 at 2:10 pm

    Sorry 29%

  11. Posted by Dick July 22, 2011 at 2:12 pm

    If you need to use the calculator to tell you this, then you are lower class scum.

  12. Posted by not rich or poor - content July 22, 2011 at 3:36 pm

    Does this take into account not having a mortgage or depts – or being able to carry out most of the work – a lot of clueless builders would have to do – no I think not

    Relative wealth cannot be calcluate as simply as this

    Some nob once said to me life is a game your bank balance being the score card – I dont fucking think so – hes been declared bankcrupt since then

  13. Posted by james Dewitt July 22, 2011 at 4:24 pm

    Remember you need to put in your after tax salary, you can use to figure this out. I put in my pre-tax and I was aparently one of the richest in the country, after tax made a bit more sense.

  14. Posted by simon daly July 24, 2011 at 10:40 am

    ” With a household after tax income of £2087 per week, you are among the richest 1% in the population.”

    Sounds better than it is!

  15. Posted by klingelton July 27, 2011 at 8:59 am

    apparently I have a higher income that 84% of the population. doesn’t feel like that though. all I know is, I feel sorry for those who are much lower on the scale. If i’m struggling with basic costs, i can’t imagine what it’s like for them.

  16. Posted by Tom July 29, 2011 at 6:12 pm

    What on earth do the readers of bitterwaller do?
    £2087 is over 180k a year?!?!?

  17. Posted by Matt Hough December 31, 2011 at 5:46 am

    “you are among the richest 1% in the population. Your income is so high that you lie beyond the far right hand side of the chart.”

    hehe, eat that England :)

  18. Posted by Matt Hough December 31, 2011 at 5:52 am

    Just realised it calculates income tax too hehehe, I do not pay any income tax. 100% tax exempt :) so I need to add 50% more on to account for the automatic income tax deduction from the calculator :)

  19. Posted by Alex Wooldridge March 16, 2013 at 6:15 am

    @Matt Hough, you may have a high income but this doesn’t give you any immunity from being stupid. The calculator doesn’t automatically deduct income tax, as you would be well aware if you were capable of reading simple instructions!

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