loveMONEY poll: how much households have to earn to be considered rich
After some social media controversy directed at a couple 'struggling' on an annual household income of £200,000 a year, we found out what loveMONEY readers consider to be 'rich'.
loveMONEY readers have revealed how much they think a household needs to earn per year before they can be considered rich.
After a couple who earn £200,000 a year claimed they are ‘struggling to make ends meet’, they were met with some opposing views on social media. They claim that between high living costs and no benefits, they were in the ‘squeezed middle’.
This got us thinking: just how rich is ‘rich’?
Asking the right questions
Firstly, we asked how much a household has to earn each year to be considered rich. The results were pretty evenly split, but more than a quarter of you (28%) would say that a household income of £100,001-£200,000 would be enough, narrowly followed by £200,001-£500,000 (27%).
Just under 10% of you aim high, believing that a household needs to earn more than £1 million to be considered well off.
There’s a bit of a disparity between how much readers consider rich and how much they actually earn though.
Again, there was a fairly mixed bag but 26% of you earn between £20,000 and £40,000 which, as you can see from the previous poll, doesn't quite cut it in terms of making you rich.
So in our final poll, it’ll come as no surprise that a massive 87% of you don’t consider yourself rich. At least that’s something most of us can agree on.
All that said, reader msh198 makes a good point about how exactly we define ‘rich’: “Personally, I think the household income should be considered after deducting household running costs (as having £100k income should be considered quite differently if living in London compared to say Liverpool)”
What do you think? Comment below and let us know if you agree with your fellow loveMONEY readers.
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