If you’re earning PS80,000 a year (or more), you can be considered part of the UK’s top 1 of uk earners. But just getting into the club doesn’t mean you’ll stay there. For one thing, salaries are highly fluid and people move in and out of the club quite frequently – especially during economic downturns when bonuses can skew the numbers. And then there are the taxes. These are currently higher than they have been in decades – and thanks to the recent tax freeze they’re likely to remain so for some time. Read more theinvestorscentre.co.uk

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So how much do you need to earn to be considered in the top 1%? In the simplest terms, you’ll need to earn more than the average salary – which is around PS87,012 a year. But that’s only half the story, as you also need to have a lot of assets to qualify. The ONS defines net worth as the value of all your assets minus all your debts, and it takes into account everything you own, from your house to your investments. So, to be a member of the top 1% in terms of net worth, you’ll need to own assets valued at over PS4,400,000.

The richest 1% of the population earn 13% to 14% of the total UK income, according to the latest official figures. That’s a huge proportion of the wealth of the country, and it shows how much inequality in the UK has risen over the past decade.