If you have £90,000 in the bank, a mortgage-free home worth £310,000-plus and a £627,000 pension pot then you can consider yourself rich, new research reveals.
According to a survey from Charles Schwab, Americans believe an average net worth of $2.5 million is necessary to be considered rich, a 14% increase over 2023.
He backed it up with data from HSBC's recent Wealth Report, which found that in the UK, an annual income of £213,000 is now considered the threshold for feeling financially wealthy. Even so, nine in ten people earning over £100,000 still don't see themselves as rich.
According to Credit Suisse, a minimum wealth of $2,685,099 (£2,211,528) is needed to sit within the richest 1% in the UK. Latest figures from Credit Suisse in 2021 show there are approximately 685,500 Britons in the richest 1%, with a total wealth of $3.4 trillion (£2.8 trillion).
One millionaire left Britain every 45 minutes in the year Labour came to power, figures suggest. The UK lost 10,800 millionaires to overseas countries last year, more than double the number in 2023, according to new data.
Earning over £100,000 used to be a hallmark of success. Not so much any more. These days, workers on six-figure salaries can be left thousands of pounds worse off thanks to our warped tax system. Those earning between £100,000 and £125,140 face the highest effective tax rates in the country.
People in the UK believe an average annual income of £213,000 constitutes wealth, over six times the national average salary1 - according to HSBC UK's new insight report, 'Your Money's Worth: Defining Wealth in 2025', with the top 4% of earners often setting a much higher bar and underestimating their comparative ...
How many houses in the UK are worth more than 2 million?
In the UK there are about 58,500 properties valued at over £2 million according to property analyst Hometrack. Others estimate a higher number such as Savills with about 97,000 and Zoopla with 108,000.
How much money you need to be considered wealthy across the U.S.—it's over $2 million in most places. To be considered wealthy in the U.S., Americans say you need a net worth of $2.3 million in 2025 — but that number can be even higher depending on where you live.
A rich person can have a lot of money or earn a high income, but their money may only go so far if their lifestyle is extravagant or they take on significant debt. They may live in the moment or spend freely. A wealthy person, by contrast, is generally more focused on securing their long-term financial picture.
How much money does a normal person have in the bank?
Big Gap in Savings – The average American has $62,410, but the median is only $8,000, showing wealth is concentrated among a few. Income, Age & Education Matter – Higher earners, older individuals, and college graduates typically have larger savings than younger, lower-income, and less-educated groups.
Someone who's rich may have cash available to spend on luxury goods or take expensive vacations. A wealthy person, on the other hand, might be more focused on increasing their net worth and creating a long-lasting financial legacy.
Billionaires may have checking accounts, but they likely use accounts that cater to ultra-high-net-worth individuals. These accounts may come with perks such as a dedicated banker, waived fees, and competitive interest rates.
The median net worth of an individual in the UK is £125,000 when taking the average of all age groups into account, according to the latest available data from the Office for National Statistics (collected between 2018 and 2020 and published in September 2023).
In 2021-22, there were 809,000 second homes owned by households in England, an increase of 13% or just under 100,000 homes on 2010-11. However, the percentage of households with a second home was unchanged during this period, at 3%, Annex Table 9.
Is it cheaper to buy or rent a house? If you're purely looking at whether buying or renting is the cheapest option, then owning a home is the clear long-term winner in terms of cost, assuming you're able to afford to buy a property.
The top 10% of households have an average equivalised disposable income of £70,900 per year while the bottom 10% have an average of £10,600. More details about how these data have been equivalised are available.
The standard HNWI scale includes people with liquid assets ranging from £1m to £5m. You're considered a very-high-net-worth individual (VHNWI) if you have liquid assets between £5m and £25m, and an ultra-high-net-worth individual (UHNWI) if you have liquid assets topping £25m.
Key Takeaways. High Earners, Not Rich Yet (HENRYs) are individuals earning between $250,000 and $500,000 with significant income but limited wealth accumulation. HENRYs face financial hurdles such as high living costs, taxes, and debt, which prevent them from building substantial savings and investments.
Well, for those whose earnings go beyond £100,000 in any tax year, some of their income will effectively be taxed at an eye-watering 60%. This should be a particular focus towards the end of the tax year, as individuals often receive bonuses taking them over the £100k threshold at year end.
