New interactive tool allows you to compare your salary to the earnings of the top 1%
RS components has analyzed UK and US data in order to create an interactive tool that allows you to see how close you are to the top richest 1%.
- The top 1 percent in the UK are earning £166,000 a year which makes their monthly earnings £13,833 before tax
- In the US, the top 1 percent are earning $300,577 a year which makes their monthly earnings $25,048 before tax
- It would take someone earning the average UK salary over 3 years to earn what the top 1% earn in just one year
- It would take someone earning the average US salary over 5 years to earn what the top 1% earn in one year
RS Components has analyzed UK and US data to find out the average individual income brackets, percentiles, and the top one per cent in order to create an interactive tool to show you how close you are to the 1% club. You can view the full piece here.
The average UK and US income
The average UK salary in 2019 is said to be £36,611 for full-time workers (37.5 hours a week) and £12,495 for part-time workers. The UK salary is said to have increased by 3.6 percent year on year for full-time workers.
The average US salary for 2019 is said to be $47,060 for full-time workers working 40 hours a week. Part-time workers in the US could expect to receive on average $26,797 per year. The US salary is said to have risen by 2.7 percent since 2018 for full-time workers.
Based on the current exchange rate, the average US full-time salary is just over £1,000 (£,1020) more than the UK average per year, however, they do work on average 10 extra hours a week. Part-time workers in the US receive on average £8,933 more than the UK average part-time salary, based on the current exchange rate.
How far are you from the 1% club?
According to the interactive tool, the UK average full-time salary of £36,611 means you are in the top 25 percent, however, to be in the 1 percent club, you would need to earn an extra £129,389 per year. To earn this figure alone it would take you over 3 years based on your total salary before tax.
The US average full-time salary of $47,060 means you are in the top 41 percent. However, you would need to earn $253,717 per year more to be in the 1% club. To earn this figure alone it would take you over 5 years based on your total salary before tax.