The top 1% earners of the UK make around 13% to 14% of all the income in the country. But this statistic is only part of the story. The wealthiest people also hold most of the country’s assets. In fact, the richest 1% have seen their assets increase 31 times more than everyone else’s since 2010. This article was fact checked by a member of the Wallet Savvy editorial team and complies with our Editorial Standards. Source theinvestorscentre.co.uk

Top 1% UK Income: What It Takes to Be in the Wealthiest Bracket

To be in the top 1% of earners, you need to have a very high salary. In the UK, that means earning about PS7,251 a month – about PS87,012 a year. The average salary is a bit lower than that in the US, where you need to be earning about PS320,000 a year.

You can earn a salary that puts you in the top 1% by working in several industries. Financial and insurance activities are among the highest paying, while professionals in law, accounting, and engineering are also well paid. But you’ll likely need a very long career to reach this level, because salaries only increase very slowly over the years.

Inflation is another factor that can reduce your take-home pay. That’s why many in the top 1% find themselves out of this elite group a few years after making the leap. A great way to keep your top 1% status is to buy assets that produce dividends. These are often taxed at a lower rate than salaries.