There has been a debate rumbling across the UK which has been eclipsed by Trumps, well trumping, not knowing if Theresa May or May not and £200,000 a year Corbyn’s call for a flat cap and braces rein on top earners.
The question is simple and apparently quite inflammatory … if you have a joint income of £70,000 a year in the UK are you actually well-off?
Well, some say we are while others bleat that we’re not, so CWF has taken a look at what earning almost £1,400 a week really means.
So, here we go …with £70,000 a two parent family would have after-tax income of £53,900 and this is higher than 76 per cent of the population. But it depends where you live – while £70,000 would probably make you feel fairly well off, say in Sunderland, it is unlikely to make you feel good in London.
Shockingly, the lowest fifth of households has original income of £7,153, the next has £13,877, the middle fifth has £26,983, the fourth £43,261 and the top fifth £84,747. The median for the whole of the UK was £35,204.
And while Corbyn quite rightly worries his little head about financial equality in the UK our disposable incomes are the most equal they have been since 1986.
Median disposable income for the poorest fifth of households at £12,459 was up 5.1 per cent, or £700, last year, while for the richest fifth it rose by 1.9 per cent, or £1,000, to £62,373.
But overall wealth matters too in an asset rich country like Britain.
A recent Wealth and Assets survey shows that in 2014 the bottom half of UK households have just 9 per cent of the wealth, whereas the top 10 per cent own 45 per cent of it.
The median household wealth was £225,100, while the bottom 10 per cent of households had total wealth of £12,600 or less and the top 10 per cent had £1,048,500 or more. To make it into the 1 per cent, you need £2,872,600 of household wealth.
So, do you feel wealthy in Britain today? Tell us your views!