How wealthy?

[briantrumpet]

In response to another thread, just wondering where NCAP posters would place themselves... pick the one closest to where you'd guess your total wealth is. (I'm assuming polls are anonymous - if not, I'll delete promptly!! EDIT - it is anonymous!)

 

[BoldonLad]

In response to another thread, just wondering where NCAP posters would place themselves... pick the one closest to where you'd guess your total wealth is. (I'm assuming polls are anonymous - if not, I'll delete promptly!! EDIT - it is anonymous!)

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I think the ONS has missed some money pots, if property and pension pot are supposedly included in those figures.

 

[Pross]

Haven't got a clue how to work it out to be honest. I know roughly what my house minus remaining mortgage is but how do annual earnings get taken into account? Do they get excluded other than anything left over at the end of the month that goes into savings or investments?

 

[Beebo]

Wealth is a strange indicator, as you could easily be earning £100k living a very nice life and be in the 2nd percentile.
Especially if you are a young professional renting in London with few assets and large debts.

 

[briantrumpet]

I guess it's just a "What would your estate be worth it you died today" calculation, so ignoring earnings entirely.

 

[briantrumpet]

Wealth is a strange indicator, as you could easily be earning £100k living a very nice life and be in the 2nd percentile.
Especially if you are a young professional renting in London with few assets and large debts.

It was in response to the 'wealth tax' posts elsewhere here.

 

[First Aspect]

Haven't got a clue how to work it out to be honest. I know roughly what my house minus remaining mortgage is but how do annual earnings get taken into account? Do they get excluded other than anything left over at the end of the month that goes into savings or investments?

Annual earnings don't get taken into account, which is one of the many reasons a wealth tax is idiotic.

You could own a million pounds valued pre revenue company and be paying yourself minimum wage, and still be in the 10th percentile. A wealth tax would put you out of business and there would be no tax to pay. Brilliant.

Fwiw, your net worth is the equity in your house, pensions, savings, shares and investments - on that table anyway.

Most people in the SE who are home owners are likely to be high up. Most people living elsewhere who are home owners aren't.

 

[Pross]

Having now voted I feel decidedly poor. There's an old pub near me that's being used to house immigrants (as well as good old British people on probation) so I'm off to protest.

 

[First Aspect]

Having now voted I feel decidedly poor. There's an old pub near me that's being used to house immigrants (as well as good old British people on probation) so I'm off to protest.

Given that the average garage in Surrey is worth about as much as a detached family home in Wales, I am not surprised.

Any workable wealth tax (oxymoronic) would need to exclude primary residence. On such a measure, the answers to the survey would be wildly different.

 

[Beebo]

Given that the average garage in Surrey is worth about as much as a detached family home in Wales, I am not surprised.

Any workable wealth tax (oxymoronic) would need to exclude primary residence. On such a measure, the answers to the survey would be wildly different.

I agree. A house has the same emotional value regardless of actual worth.
A two bed terrace in Chelsea might be worth £3million. But if it’s your sole residence then it’s no different to a 2 bed terrace in toxteth.
It’s just an accident of geography.

Second homes on the other hand. Tax them as much as you can get away with.

 

[bobzmyunkle]

Should I be against a wealth tax?
According to that survey I'm loaded, despite my (reasonably) humble northern terrace.
Of course it's not strictly true.
I have to live somewhere, so that's not a liquid asset.
A large proportion of my savings is my pension pot, which hopefully will be needed over many years.

 

[Pblakeney]

#9. Feeling comfortable and happy.
But, as neither myself or my wife ever fell into the 40% tax band (or higher) it shows that the stats are either meaningless; we are extremely lucky: or both. Taking property into account, those figures seem low. Then again, accumulated wealth for an oldie should always be higher than a youth in similar circumstances.

 

[Stevo 666]

Having now voted I feel decidedly poor. There's an old pub near me that's being used to house immigrants (as well as good old British people on probation) so I'm off to protest.

Drawback of being in Wales as I'm guessing quite a few people in the higher deciles will be in the SE or London.

 

[Stevo 666]

Annual earnings don't get taken into account, which is one of the many reasons a wealth tax is idiotic.

You could own a million pounds valued pre revenue company and be paying yourself minimum wage, and still be in the 10th percentile. A wealth tax would put you out of business and there would be no tax to pay. Brilliant.

Fwiw, your net worth is the equity in your house, pensions, savings, shares and investments - on that table anyway.

Most people in the SE who are home owners are likely to be high up. Most people living elsewhere who are home owners aren't.

Presumably any debts like a mortgage need to be deducted from the total, although the chart doesn't say that. Quite cheered that less than half of my total is in the house, despite living in the South East.

Agree with you on the wealth tax point - it is also relevant for entrepreneurs who sometimes have a large capital value ties up in (say) shares of businesses but no liquidity.

 

[All uphill]

I thought we'd be about four deciles lower than we are. Being an old boomer living in a predominantly boomer area distorts the vision...