Part
01
of one
Part
01
I need to know the number of household in London that make 75,000 pounds +
Hi! Thanks for asking Wonder to find the number of households in London with incomes of over £75,000.
The short answer is approximately 889,495 households have a gross income in top two deciles in the country. Below you will find a deep dive of my findings and how I came to this conclusion.
TOTAL HOUSEHOLDS
After thorough research, it became apparent that there was no pre-compiled information giving this exact statistic. Therefore, I then searched for relevant data that would allow us to triangulate a figure.
Unfortunately, the way the Office of National Statistics (ONS) collects data is based on household disposable income, which is the income left after taxes and benefit distributions. While the data is not broken down by exactly households with an income over £75,000, the closest is to use the top decile, which shows an average receipt of £110,643 in gross income. 2,723,000 households are in this decile.
If we stretch the parameters of the request slightly, we can also include the second-to-top (9th) decile with gross income average of £64,606. 2,718,000 households are in the 9th decile for a total of 5,441,000 households in the UK with these income levels and a healthy amount of disposable income for naturopathy.
London's population is around 13.4% of the whole of the UK. While a higher portion of wealthy households may reside in London, without exact figures, we are forced to estimate. London's income is around 22% higher than the UK median, so figures will be scaled up by 22%.
Therefore, 889,495 (13% of 5,441,000 x 1.22) households in London have a potential gross income of around £64,606 or above. 445,156 approximately have an even higher income, at the top decile average of £110,643.
DISTRIBUTION OF WEALTH
London is a large, diverse city. Its distribution of household wealth is not universal. Data from the Mayor of London's office shows us where the highest concentration of wealth, by borough lies:
Kensington & Chelsea: mean income of £116,350
City of London: £99,390
Westminster: £80,760
Richmond: £76,610
The least wealthy boroughs are:
Barking & Dagenham: £34,080
Newham: £34,360
Brent: £39,630
Deep, minute breakdown is also available on a variety of maps by ward, MSOA and LSOA.
CONCLUSION
To wrap it up, at least 445,156 incomes in London definitely have an income over £75,000 as they would be in the top decile for earnings. Overall, a potential 889,465 households in London have a robust income level (the top two deciles) showing a healthy level of disposable income. Kensington & Chelsea is the wealthiest borough.
I hope this is helpful. Please feel free to ask Wonder if you have any more questions!