- Income in the United Kingdom
United Kingdomis a wealthy country in world terms, with virtually no people living on less than US $2 a day. There were over 425,000 net worthSterling Millionaires in Britain in 2005 ( [http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2005/10/18/nmill18.xml&sSheet=/news/2005/10/18/ixhome.html source] ), and 383,000 Dollar Millionaires (financial assets only) in 2004 ( [http://www.guardian.co.uk/business/2004/jun/16/money source] ). There is however significant income inequality with Britain having a Gini coefficientof 36. The main sources for the statistics below are Her Majesty's Revenue and Customs(HMRC) and the Institute for Fiscal Studies(IFS)
Data from HMRC 2004-2005; incomes are before tax for individuals. The personal allowance or income tax threshold was £4745 (people with incomes below this level do not pay tax). The Mean income was £22,800 per year with the average Briton paying £4060 in tax.
Income distribution across UK regions
net worthinformation is based on data from the HMRC for 2004-2005 and includes marketable assets including house equity, cash, shares, bonds and investment trusts. These values do not include personal possessions.
Other Social Security Benefits include:
Housing Benefit, Income Supportand Jobseeker's Allowance
Poverty in the United Kingdom
Taxation in the United Kingdom
Pension provision in the United Kingdom
* HMRC statistics - [http://www.hmrc.gov.uk/stats/income_tax/index.htm]
* IFS - [http://www.ifs.org.uk/wheredoyoufitin/]
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