The good news for those dreaming of entering the UK’s wealthiest 1% is that it’s not as hard as you might think. Currently, you need to earn at least PS182,000 a year before tax to make the cut as a man in the UK (and PS160,000 to break through that barrier as a woman). That’s a pretty decent salary, but what’s more interesting is the fact that many people with such a high level of earnings don’t feel rich. Indeed, a recent study by the London School of Economics found that even members of the UK’s 1% feel their wealth is not enough – due to comparisons with the super-rich 0.1% they rub shoulders with at their children’s private schools.Read more :theinvestorscentre.co.uk

Achieving a Top 1% Income in the UK: Strategies That Work

Interestingly, this research only considered income tax payers and didn’t take into account the other types of wealth that the very richest individuals hold such as property or shares in business. However, the Institute of Fiscal Studies has found that over a quarter of the UK’s top 1% income is derived from dividends and partnerships – which are taxed more favourably than salaries.

Regardless of how you achieve such a high level of wealth, it’s important to understand that breaking into the elite 1% is about more than just achieving a large salary. This requires a lot of strategic thinking and planning, embedding good financial habits and diversifying your income sources. In addition, focusing on certain professions could help you get closer to the top 1% earners than others. This is because some industries pay higher wages than others.