Poll: Are you rich?
Total Members Polled: 520
Discussion
https://en.wikipedia.org/wiki/List_of_countries_by...
So I was looking at wealth as a way of comparing countries. Of course that is difficult and any measure you use will have advantages and disadvantages. I have chosen median net wealth. I think median is better than the mean and the mean gets skewed by the super wealthy.
The data didn’t get intervals so I’ve gone with the crude binary divide of you are rich if you are above the median and poor below.
I think what was interesting to me is that although the US is the richest country, using the median it only comes 15th on the list. The U.K. does very well at 9th.
I think median wealth is better than per capita GDP that get bloated by countries that use tax dodges eg Ireland is number 2 if you take GDP per capita but 22nd if you look at median wealth.
The figure of £120k seems pretty small. A third of the value of your average house. Of course the figures are for all adults and there will be a lot of younger people with almost no assets that being the figure down.
So I was looking at wealth as a way of comparing countries. Of course that is difficult and any measure you use will have advantages and disadvantages. I have chosen median net wealth. I think median is better than the mean and the mean gets skewed by the super wealthy.
The data didn’t get intervals so I’ve gone with the crude binary divide of you are rich if you are above the median and poor below.
I think what was interesting to me is that although the US is the richest country, using the median it only comes 15th on the list. The U.K. does very well at 9th.
I think median wealth is better than per capita GDP that get bloated by countries that use tax dodges eg Ireland is number 2 if you take GDP per capita but 22nd if you look at median wealth.
The figure of £120k seems pretty small. A third of the value of your average house. Of course the figures are for all adults and there will be a lot of younger people with almost no assets that being the figure down.
That data would be a lot more interesting if related to the cost of living. For example Switzerland has the highest Mean wealth, but is also number 2 on the cost of living index https://www.numbeo.com/cost-of-living/rankings_by_...
This sort of thread always reveals those PHer's who are a little detached from reality, if they think £120k isn't that much.
Average house price in the UK is about £280k, assume split between 2 people is only £140k. Not taking into account the balance on the mortgage, personal loans, car finance, credit cards, etc. Or the millions of people who rent.
To be honest I'm more surprised it is as high as it is, just goes to highlight the size of the wealth imbalance.
Average house price in the UK is about £280k, assume split between 2 people is only £140k. Not taking into account the balance on the mortgage, personal loans, car finance, credit cards, etc. Or the millions of people who rent.
To be honest I'm more surprised it is as high as it is, just goes to highlight the size of the wealth imbalance.
Zetec-S said:
This sort of thread always reveals those PHer's who are a little detached from reality, if they think £120k isn't that much.
Average house price in the UK is about £280k, assume split between 2 people is only £140k. Not taking into account the balance on the mortgage, personal loans, car finance, credit cards, etc. Or the millions of people who rent.
To be honest I'm more surprised it is as high as it is, just goes to highlight the size of the wealth imbalance.
That's a very good point. My house isn't "my" house. About half of it is owned by the bank (mortgaged), of the remaining half, half of that belongs to my wife. Average house price in the UK is about £280k, assume split between 2 people is only £140k. Not taking into account the balance on the mortgage, personal loans, car finance, credit cards, etc. Or the millions of people who rent.
To be honest I'm more surprised it is as high as it is, just goes to highlight the size of the wealth imbalance.
If I add up all our combined "wealth" and divide it by two I'm well under the £120k barrier.
Zetec-S said:
This sort of thread always reveals those PHer's who are a little detached from reality, if they think £120k isn't that much.
Average house price in the UK is about £280k, assume split between 2 people is only £140k. Not taking into account the balance on the mortgage, personal loans, car finance, credit cards, etc. Or the millions of people who rent.
To be honest I'm more surprised it is as high as it is, just goes to highlight the size of the wealth imbalance.
T'was ever thus, on the internet Average house price in the UK is about £280k, assume split between 2 people is only £140k. Not taking into account the balance on the mortgage, personal loans, car finance, credit cards, etc. Or the millions of people who rent.
To be honest I'm more surprised it is as high as it is, just goes to highlight the size of the wealth imbalance.
By the definition above, yes I am. I still have to work and pay a mortgage though, and I can't see myself retiring until my mid 60s. It'd be churlish to complain as that's certainly a better lot than many have, but I certainly do not feel rich.
Im mid 50's and have no debts including mortgage , so am comfortably above the monetary value listed. I dont have an expensive life, so have enough. and was able to retire early, forced to by health.
However having had some serious health scares over the last decade, i consider health and having people to love ,who love me far more important than money.
And lets not forget, having assets like a house may rise your wealth but it is mainly irrelevant, as you will always need somewhere to live, and if you sell, you will need to buy again. or spend it on a care home, so it is meaningless.
However having had some serious health scares over the last decade, i consider health and having people to love ,who love me far more important than money.
And lets not forget, having assets like a house may rise your wealth but it is mainly irrelevant, as you will always need somewhere to live, and if you sell, you will need to buy again. or spend it on a care home, so it is meaningless.
king loaded 
Partner and I both earn more than double the national average. However, I live in Greater London, so if you compared our house to some of the houses around here you would think we were poor.
Have to say, I don't feel very wealthy, drive a £4K car, Spend about £3000 on holidays a year each, 2 bedroom house etc.
When I see someone in their 40s in a £2.5 million house with several brand new cars on the drive I wonder where it all went wrong.
On paper most of the country would assume we have an amazing lifestyle but I don't see it.
Have to say, I don't feel very wealthy, drive a £4K car, Spend about £3000 on holidays a year each, 2 bedroom house etc.
When I see someone in their 40s in a £2.5 million house with several brand new cars on the drive I wonder where it all went wrong.
On paper most of the country would assume we have an amazing lifestyle but I don't see it.
Roofless Toothless said:
Old Mr Cohen felt faint and passed out in the street. He was rushed to hospital and woke up in A & E with a concerned nurse attending him. She asked,
“Mr Cohen, are you comfortable?”
Mr Cohen shrugged and replied,
“I make a living … “
And when he fell in the water and was rescued and asked 'can you float alone' he said 'what a time to ask'“Mr Cohen, are you comfortable?”
Mr Cohen shrugged and replied,
“I make a living … “
richhead said:
Im mid 50's and have no debts including mortgage , so am comfortably above the monetary value listed. I dont have an expensive life, so have enough. and was able to retire early, forced to by health.
However having had some serious health scares over the last decade, i consider health and having people to love ,who love me far more important than money.
And lets not forget, having assets like a house may rise your wealth but it is mainly irrelevant, as you will always need somewhere to live, and if you sell, you will need to buy again. or spend it on a care home, so it is meaningless.
Hi Rich. This exactly.However having had some serious health scares over the last decade, i consider health and having people to love ,who love me far more important than money.
And lets not forget, having assets like a house may rise your wealth but it is mainly irrelevant, as you will always need somewhere to live, and if you sell, you will need to buy again. or spend it on a care home, so it is meaningless.
Being rich can have many contexts (financially).It’s not a simple matter of what you earn, what you get payed, what your debts are, how much is your house is worth.
Being healthy and having a lot of love in your life.
That’s being rich in my experience.
AB said:
Can't see it being too difficult for anyone who's not mega young to have £120k equity in their house.
Only about 50% of people own thier house (either outright or with a mortgage) and I would guess that those figures are heavily skewed to the over 50's. I'd be surprised if more than about 20% of 30 year old's own a house, and if they do the equity will be pretty low..Gassing Station | The Lounge | Top of Page | What's New | My Stuff