This Is How Much You Actually Need To Earn To Be Considered Rich

Consider yourself well off if you earn £70,000 or more, says the Labour MP John McDonnell.

Talking on the Today programme on BBC Radio 4 yesterday, he said that Labour wants to look "to the corporations and to the rich to pay their share" in taxes. When asked how he defines the rich, he offered a set figure.

"We believe… the rich will be above £70,000 to £80,000 a year and that's roughly defined as what people feel is an earning whereby people feel they can pay more," he said.

His assertion drew controversy on Twitter about whether or not such an amount really constitutes being wealthy. Predictably, opinions differed – especially from those who live and work in London – but The Guardian has the statistics to support McDonnell's comments.

Data from the HMRC shows that only five per cent of taxpayers earned over £70,000 or more in 2014–2015. The majority of UK taxpayers (25.2 per cent) are paid between £20,000 and £30,000. Around a fifth (19.8 per cent) earn between £30,000 and £50,000.

From: Harper's BAZAAR UK

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