A new poll has revealed that a significant portion of Britain's highest earners do not perceive themselves as wealthy, a trend that experts warn could hinder efforts to tackle inequality. The survey, conducted by Redfield & Wilton Strategies for the New Statesman, found that 60% of those earning between £80,000 and £100,000 believe they are 'about average' on the income scale. Additionally, a quarter of Britons earning £100,000 or more identify as 'working class'.
The findings come amid a heated debate over Labour's proposal to charge VAT on private school fees. Over 70,000 parents have signed a petition opposing the plan, with many claiming they are not wealthy. Tony Perry, an NHS data analyst earning £60,000 who sends his son to a £21,000-a-year school, described himself as 'a non-wealthy parent'. However, the median UK salary is £34,963, placing Perry in the top 10% of earners.
Academics Gerry Mitchell and Marcos González Hernando, authors of 'Uncomfortably Off', note that the top 10% are more likely to vote and influence policy, making their perceptions crucial. They argue that many in this group underestimate their income relative to the national average, partly because they work alongside even wealthier individuals. This 'have not yachts' mentality, they say, makes it politically difficult to propose wealth taxes or higher income taxes.
The polling also highlights growing inequality within the top income brackets. While the top 10% earn £59,200 or more, the top 1% (earning £183,000+) are pulling away rapidly. According to Labour MP Liam Byrne's book 'The Inequality of Wealth', the average wealth of the top 1% increased 31 times more than that of the bottom 99% between 2010 and 2021. Overall UK wealth rose by £4tn in that period, with nearly a quarter going to the top 1%.
