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2.5 million UK households are “working wealthy”

Tuesday, January 29th 2008 - 20:00 UTC
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Almost 10% percent of the United Kingdom population can be regarded as wealthy, according to the 2008 Wealth Review of insurer Hiscox Ltd. This translated into 2.5 million households, Hiscox said.

Hiscox puts the average annual income of a "working wealthy" household at 88,000 pounds. This compares with a national average of 33,000 pounds a year. Those in the wealthy category can be expected to take two foreign vacations a year and to have more than 20,000 pounds a year in disposable income. However Hiscox says that more than 90% of those in the wealthy group do not consider themselves wealthy; they tend to put that threshold at 150,000 pounds a year. But todays wealthy are likely to be more careful spenders than their predecessors in the 1980s and 1990s. In contrast to the ostentatious yuppie or loads-a-money the Hiscox Wealth Review 2008 reveals that the workings wealthy are unlikely to flaunt their assets. To these credit-crunch-conscious professionals, feeling rich in Britain is about having financial security, rather than owning prized luxury items such as a Ferrari or a swimming pool. But members of this wealthy group often have expensive luxury goods, substantial savings, and second properties, Hiscox said. Many do not realize the total value of what they own. Homes in this category, for instance, tend to worth more than 390,000 pounds, the survey said. One in 10 households are earning nearly three times the national average income, said Steve Langan U.K. managing director at Hiscox, in a statement. So if anyone in that top 10% can't accept they are wealthy, they should think again.

Categories: Economy, International.

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