How Much Income and Wealth do The TOP 1% Have?

[@ATA12354]

We need to understand in this country that those on £70k a year, despite being in the top 10% and being a higher rate tax payer, have far more in common with someone on £27k a year than someone on £700k a year. People on good money in honest jobs don’t deserve to be tarnished with the same brush as the ultra rich.

[@auldfouter8661]

*tarred

[@ellisbriggsbikes]

I think we need to realise there is a huge difference between those who derived their income through earnings and generally pay tax progressively and those who take an income from familial wealth.

[@ohrun3106]

We need to tax the wealthy, but not people trying to become wealthy. I think these taxes like capital gains should only really kick in above atleast £1million. Helps incentivise investing and generating wealth for the general public.

[@wind.del.change]

have you tried being an actual man, and not dependent on other men ?

[@bjorntorlarsson]

We need an interest rate that balances the demand for borrowing with the supply of savings. It's the free credit that redustributed most wealth to the richest during the last couple of decades of catastrophically devastating mismanagement by all the VOTERS in Europe.

[@DylanWilsonYT]

@@wind.del.change Can you elaborate on that?

[@ohrun3106]

@@wind.del.change what does that have to do with it?

[@RabJ208]

@ohrun3106 , the problem is that if you tax the wealthy - they move their buisness across shores where they aren't taxed. Meaning less UK jobs.

[@georgesdelatour]

We’re mainly an urban society. This means that the value of land varies massively by location. In parts of Kensington and Mayfair the land value exceeds £1 billion per square mile. Inaccessible rural land can be worth as little as £5,000 per acre. You can’t deduce someone’s wealth purely from the area of land they own. It depends where that land is.

[@paul_london]

Incomes alone don't paint the full picture. A worker on median wage with inherited house is light years ahead of a top10% worker.

[@kenville1429]

The problem with using stats like “top x% of earners” is that it is not telling the whole story. For a start, high earners have other sources of income which they have flexibility in declaring which means their true income is much higher. And importantly, benefits distort incomes at the lower level. Benefits top up wages so the median net income is actually higher. Someone on !60k isn’t actually 5x better off than someone on £12k. They can actually have pretty similar net incomes due to the effect of tax and benefits.

[@CuriousCrow-mp4cx]

Have you tried to live on £12,000 pa? You can't. So your example is not so useful. Rather look at two single people, with no children, both working 40 hrs a week. One is on the minimum wage - that's £11.44 an hour; the other is earning £57.20 an hour - 5 times the person on minimum wage in 2024. After tax, NI, pension deductions, and a student loan repayment, Person 1 will take home just over £18,748 per year or £360.55 a week. Person 2 will will take home under the same deductions as person 1 £57791.46 or £1111. 37 per week. Person 2 still takes home just over 3× the amount that person 1 does. And as far as benefits are concerned, even with benefits, which are of course tapered downwards if you do get it. If person 1 was supporting even 1 child on that money, he'd still be broke, as childcare is incredibly expensive, and benefits are limited as well. There's a lot of working full time families having to use food and getting universal credit and housing benefit. And they're the lucky ones. And the low pay problem is much more widespread than anyone imagines. All most people want is what the previous generation had. 1 job that could keep them and a family with a roof over their head, and that's becoming nigh impossible due to real wages having fallen so far behind inflation since 2008.

[@kenville1429]

@@CuriousCrow-mp4cx Benefits would top up the income of someone on £12k to have a similar net income to someone on £60k, especially if there's children involved.

[@nancyhood8395]

Go do a study/episode on companies House (free to veiw)on how much tax is ACTUALLY PAID BY THE MEGACORPS,and look into how much these companies DONT PAY!!!

[@1292liam]

dude, I love your channel's content

[@jam99]

How do you only pay 11% tax on an income of £1m?

[@auldfouter8661]

When it's not income but asset appreciation, but if at the end of the year you just have the same assets and have no intention of selling eg it's a farm you want your offspring to manage and pass on to the following generation it's not the same as hard cash income.

[@georgesdelatour]

I don’t think the richest 1% is such an important distinction. I couldn’t find any figures, but I expect a lot of people pass in and out of being in the top 1% in the course of their lives, as their income changes, the value of their house changes, and so on. I think the Sunday Times Rich List is a good rough-and-ready guide to who is seriously wealthy. To make it onto that list, you need a net worth of £350 million, and they only count the top 350 people.

[@martinh9099]

Important to make the point that the wealth is based on households (ussually 2 or more people) so a household worth £1m is likely to be 2 folk with £500,000 each

[@waynecartwright-js8tw]

I'm low on income but high on asset wealth , inflation has increased the cost of my home but not my earnings.

[@DylanWilsonYT]

same here doing an apprenticeship currently, but I owned a few bitcoin which has gone up almost more than my yearly salary in the past few weeks. It's madness.

[@bjorntorlarsson]

Don't worry about that imbalance. The asset price crash will even that stuff out (who wanna own a house in Britain??) I don't know when, but it will happen very suddenly when it does.

[@physiocrat7143]

It's the price of land. Land is not wealth.

[@R53Hole]

Hah-hah!

[@CuriousCrow-mp4cx]

Actually have you calculated what would be the real return taking into account inflation. Don't get suckered in by the nominal value of your home, especially if you have to move, could afford a similar home in an area where you'd want to live? Probably not. You'd have to downsize. In that case, how wealthy are you really?

[@Novacaine_m]

Great video. It really shows the great wealth transfer that has happened and how the wealthy stay wealthy

[@ThomasBoyd-r6k]

National Rail card application applies lower rate DLA yes Thomas. 3' years £54 Thomas. Awesome thanks.

[@steflift5165]

If being in the top 1% is unstable, are you sure it isn't affected by retirement lump sums moving around?

[@bjorntorlarsson]

This guy actually takes a useful look at statistics at times! I'll put in a like of this video for once. I should put in the effort to look at how the key figure of interest rate divided by the tax rate correlates with the wealth enrichment of the 1% already richest. Taxes IS their income. Inverse interest rate IS their multiplication rate, I surmise. And especially look at the 0.01% of the richest, the 1% of the 1%. And the 1% of that (one in a million, yeah, look at that!) That's where the BIG money accumulates. But all of this is perfectly democratic! Since everyone votes for it, and noone votes for anything else. And as long as it i Democratic, it is good, right? As long as those who know nothing make the decisions. Hoping that their own house price bubble will sustain, which it won't. But hush, don't tell anyone! Your wife wants a new kitchen, so you can't greedily afford an asset bubble depreciation, can you? At least not until your children have grown up to homelessness and out of chance to form their own families. So this looks like it will all work out nicely, doesn't it?? Throw in a lost war in it all, that'll surely help, right? So that's the plan. By 100% of the voters. Good luck! British farmland being so valuable. Well then, why did so many emigrate to colonies because of their better farmlands? And those were the ones who knew something about farming. They knew that not-so-foggy is better for crop yield.

[@Karencerasaro7733]

In today's economy, the value of a million dollars has diminished significantly. Factors such as inflation have eroded its purchasing power, making it insufficient for a comfortable retirement for many individuals. The discussion emphasizes that for a secure financial future, especially when considering long-term factors like inflation, individuals may need to aim for a financial goal higher than a million dollars.Considering the diminishing value of traditional currencies, it's time to diversify and look into crypto trading! With the potential for high returns and a hedge against inflation, cryptocurrencies would be the key to securing your financial future. Dive into the world of crypto and stay ahead of the curve,I've personally benefited from following Leasie Aiken's trading tactics, amassing 23 bitcoins in a short seven weeks period of day trading , which speaks volumes about her expertise in the market.

[@Karencerasaro7733]

She's mostly on Telegrams, using the user name

[@Karencerasaro7733]

LeasieAiken

[@Ryanmacrillo]

LeasieAiken is among the best traders on the internet and I'll keep saying it every time.

[@Jamiebirch1514]

Thank you. I have searched, her and message her on her ‘Telegram’s, I think I am satisfied with her experience

[@Clintonreph]

Trading used to be a difficult for me, but with Leasie Aiken’s guidance, it's now a walk in the park. Highly recommend his courses!

[@physiocrat7143]

The really big incomes are mostly not earned. If you dig down you will find that it consists substantially of rent, and for the rest, monopoly intellectual property and other rights. Land is not wealth. The notion that land is wealth is one of the great fallacies of the age. Financial institutions are also recipients of rent, under the label "mortgage interest".

[@RashelYeva]

I am at the beginning of my "investment journey", planning to put 385K into dividend stocks so that I will be making up to 30% annually in dividend returns. any good recommendation on great performing stocks or Crypto will be appreciated.

[@FederickLeo]

As a newbie investor, it’s essential for you to have a mentor to keep you accountable. Ruth Ann Tsakonas is my trade analyst, she has guided me to identify key market trends, pinpointed strategic entry points, and provided risk assessments, ensuring my trades decisions align with market dynamics for optimal returns.

[@BensonTati]

I managed to grow a nest egg of around 120k to over a Million. I'm especially grateful to Adviser Ruth Ann Tsakonas, for her expertise and exposure to different areas of the market.

[@FederickLeo]

I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $200k passively by just investing through an advisor, and I don't have to do much work.. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.

[@BensonTati]

Without a doubt! Ruth Ann Tsakonas is a trader who goes above and beyond. she has an exceptional skill for analysing market movements and spotting profitable opportunities. Her strategies are meticulously crafted on thorough research and years of practical experience.

[@RashelYeva]

how would you recommend i enter the crypto market? I am also looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What's your take on this approach? and How can i reach her, if you don't mind me asking?

[@piccalillipit9211]

*SIMPLY ASTONISHINGLY RICH* so rich that the human brain can not actually comprehend it However rich you THINK you understand they are - they are about 1000 x richer Elon Ponzi could buy over 1 Million acerage UK houses. That is basically EVERY house in Wales

[@feamatar]

To buy all the houses in Wales, he needs to liquidate is wealth, but you see wealth is in large part perception: When he liquidates his wealth (Tesla stocks), the perceived value of those stocks go down, while the perceived value of the houses goes up. We saw this in practice, when Musk bought Twitter: the Tesla stock price went down from 300$ to 100$ because he flooded the market with Tesla stocks. For you It is probably more easy to relate to the situation when the house prices go up once a new development is announced in an area. So while Musk is crazy rich, he could certainly not be able to buy every house in Wales.

[@piccalillipit9211]

@@feamatar Dude - its an illustration of the volume of the wealth - a thought experiment to help people visualise it.

[@mwicks1968]

Tax Unearned Income at the same rate as Earned Income … ??? 🤔🤔

[@smarterproperty6378]

Who 'are'

[@ThomasBoyd-r6k]

Awesome thanks.

[@bjorntorlarsson]

Take a look at how much the dollar billionaires own, in comparison to the GDP (for lack of better yard stick). In both the UK and in the "third way social democratic paradise" of Sweden. And, hee, you across the North Sea there, you are now in the shadow in that game! Come on now, try to get ahead again!

[@noodlebrains]

I can’t seem to move into the top 1% - there seems to be a huge gap in knowledge / information on how to do this 😢

[@physiocrat7143]

Choose your ancestors carefully

[@the_9ent]

1980 the rot started to set in. That fits.

[@RabJ208]

Two ways to grow wealth or rather 'get wealthy'. The average person on minimum wage should: 1. Double your working hours (if you are able bodied and not lazy). If you currently work a 40-hour week - start working 80-hour weeks and do this for 6 or 7 years and invest that extra money. You will get there much quicker if you make sacrifices along the way such as not going on holidays or buying the latest iPhones etc etc 2. Earn a higher wage. There are many ways to do this. There is no shortage of apprenticeships out there, and there'll always be a need for plumbers, electricions and so on. You get paid in proportion to the value you bring. So if you work a job and your employer could easily replace you with the following day - you are probably being paid accordingly.

[@piccalillipit9211]

Did you do that? Work 80 hours a week for 7 years???

[@RabJ208]

​@@piccalillipit9211, in my younger days I worked those sorts of hours and still managed to go out and drink 2 or 3 nights a week without any problems at all. Now that I'm in my 30's I would find it much more difficult to 'work hard and play hard' at the same time.

[@rabj5641]

​@@piccalillipit9211, in my 20s, I worked 70/80 hour weeks and also went out drinking 3 nights a week without any problem.

[@justinstephenson9360]

@@piccalillipit9211 That is surprisingly common, not just doctors, but most City corporate lawyers work those hours, same for specialist accountants.

[@RabJ208]

@@piccalillipit9211, in my 20's I went out boozing 3 nights a week and worked 80 hours weeks.

[@R53Hole]

Too much.

[@muratdagdelen8163]

How to find a 1% job? How to become one?

[@WinnersMentalityUnite]

Become an entrepreneur. No other way. I myself run a business generating £150K a year. However, I have overheads of wages, etc. Thankfully, I am only 26 years old, and I'm expected to get my business to 7 figure business within the next 5 years. However, to make this kind of money, you MUST save and invest that saving into a buisness, otherwise you will always be stuck in the rat race.

[@RabJ208]

It depends on what skills you can provide or how much time and effort you are prepared to attain the skills that justify those sort of higher wages.

[@piccalillipit9211]

@@WinnersMentalityUnite Dude get real - a £1m a year business is not going to get you into the top 1%

[@piccalillipit9211]

Het born into the right family.

[@piccalillipit9211]

@@RabJ208 No it does not - you people are delusional. Earning £500k a year is NOT going to put you into the top 1% wealth wise.

[@manjushagongale]

Everyone tells how much. No one tells 'WHO'.