Got more than $1m (£820,000 in net worth? That makes you part of the 1% – welcome to the club.
So much of the problems of this world are being levelled at the door of the 1% – certainly, from my favourite newspaper. But to find out that I’m in the midst of despicable despots, ugly oligarchs and crazy kleptocrats – I’m a little shocked (but not that surprised).
This letter in the Guardian by Tim Worstall Senior Fellow from the Adam Smith Institute (a 5th column Marxist / Leninist brain trust if you there ever was one), he points out that $1m puts you in the top 25% of British households by wealth (ONS Household total wealth in Great Britain) and he wagers that 25% of the Guardian readership is in that 25% too.
Household total wealth in Great Britain – Office for National Statistics
Main results of household wealth from the seventh round of the Wealth and Assets Survey covering the period Apri…
Who Sweats the Big Stuff?
I wouldn’t be surprised either – just as I wouldn’t be surprised if the Daily Mail and Daily Express actively target low IQ and low wealth demographics and pander to what gives them the reassuring sense of fear, worry & dread for their daily dose of cortisol.
At least the Guardian tries to be better, get us to worry only about the big things. The put the Climate Crisis high up on their news options, way above business and “Money” is listed second bottom, only above “Cars” which gives you an idea of how the Guardian feel about the internal combustion engine.
Champagne Socialism for the Few!
- I would like to see better public services but will do what I can to reduce the amount that I pay in tax.
- I believe that work should be taxed less than wealth or property, but enjoy the tax system in the UK
- I worry about growing inequality for children born into deprivation but will do everything I can to help my kids succeed.
- I would like the economic game to have the same rules for all players and different rules from now, but I’ll do my best to play to the rules and not the game.
- It’s all hypocrisy from me. As a 1%er, I have the unequal, unfair system to thank for my share of the 1%, but I’d rather it was different.
Punch Up, Not Down!
But at least I’m over my punching down phase – blaming spendthrift universal credit claimants and their life of luxury on benefits for all the failings of the UK. I’m might even get over the prosperous boomers (who are the real winners) one day. But I still feel that there’s punching up required. In part it’s the corruption we see in the Tory government. The fact that there are connected people who’ll strip all the profits out of government contracts (think NHS supply chain) and leave us no better off.
So, I’m in the 1%, but I’m not one of the bad ones – promise. I’m trying to be good.
Thanks, GFF
Gentleman's Family Finances 
Congrats on entering enemy territory! I’d like to think that the only way to change the enemy is by infiltrating their ranks and causing change from within. Chalk one up for the good guys.
LikeLiked by 1 person
Thanks
LikeLike
Is that literally assets minus liabilities including your main home? If so welcome comrade let us away to our private jets!
300k in house equity 320k in cash and isas 400k in pensions
I’m always vaguely surprised by stats like this given a ‘normal’ (albeit 3 to 4 bed semi or detached) house will set you back the thick end of 400k to 600k round here in the south east . One of the reasons I’ve never upgraded on ours even though in the depths of my grubby materialistic soul I’d quite like a bigger house in a nicer area but it’s just not worth the cost and stress to me of paying for it rightly or wrongly.
There must be awful lot of people with houses (and many more with enormous mortgages) and not much else I’m guessing ?
LikeLiked by 1 person
The old 3-3-4 is what you’ve gone for?
I’m 1-5-4 personally, which is not the best in terms of defence but on the counter attack it’s deadly!
Our situation has us in a low cost area and on decent (but not stellar) salaries.
Contemplating a move to where we’d have to double our house cost would fill me with dread.
We’ve friends that are moving south and the value for money is shocking – crap houses for hundreds of thousands of pounds.
But in many countries, people have decently funded pensions that they can retire on – in the UK it’s all fur coat and no knickers- housing equity (if any) is the major source of wealth for most. Break that cycle and you can start your way to FI as we know – but you can’t dine out on housing equity.
LikeLiked by 1 person