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April 23, 2018 / C H Thompson

How much do people earn?

  • The amount of income a person generates varies widely as you can see on Best Paid Jobs 
  • In 2014 the UK Treasury figures (see below) showed the top 10% of earners in Britain having salaries which are equal to more than the bottom 40% of earner salaries combined.
  • The same Treasury data shows the top decile (a decile is any of the nine values that divide the sorted data into ten equal parts, so that each part represents 1/10) of single adults earning a median income of £60,500, compared to just £8,600 among the bottom decile
  • Wealth and Income
  • It is evident from the data income distribution between social groups and the amount of disposable income a person or family has in the UK varies enormously. This is because many people have an income of less than 60% of the median income as illustrated in figure 4 below.
  • disposable income – is the money a person has left over after all taxes have been paid
  • medium income – is the middle household income if all households in the UK were sorted in a list from poorest to richest (see figure 4)
  • average income – in 2014 the UK’s average income was £26,500

 

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