Calculate: how much you need to earn to be in the top 1pc
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Membership of the 1pc club of top earners requires an income £50,000 higher than a decade ago, new personal income statistics from HMRC have revealed.
In the 2022-23 tax year, a salary of at least £201,000 a year was required to officially earn more than 99pc of all taxpayers – up from £150,000 10 years ago.
But where does your income put you compared to the rest of the country? Input your earnings in the tool below – and see where you salary ranks.
These figures relate to all taxpayers across the UK, whether their income came from regular or self-employment, or a pension.
The median income – at the 50th percentile mark – came to £28,400. This is £1,200 more than in 2021-22.
The threshold for the bottom decile, the poorest 10pc of earners, is now £15,500.
What it means to be rich is changing fast. The number of people on six-figure salaries leapt by 13.7pc in a year to 754,000 – almost double the 394,000 back in 2012-13.
But this doesn’t mean the British public is getting ever richer – when taking inflation into account, people are barely better off than they were 10 years ago.
The main beneficiary is HMRC, which thanks to frozen thresholds, is seeing more workers dragged into more onerous tax bands every year.
The data shows the number of higher-rate taxpayers rose by 15.1pc between 2021-22 and 2022-23 alone, which was the first year the freeze was in place. This brought the number of people paying a 40pc rate beyond five million for the first time.
The number of additional-rate taxpayers rose by 9.6pc. In April 2023, the threshold for paying top-rate tax dropped from £150,000 to £125,140.
This means next year’s statistics are likely to show an even bigger rise in those paying 45p in every £1 of income.
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