Huge amount Aussies earning $200k want

 

Most of Australia's highest earners don't feel wealthy despite raking in at least $200,000 a year and say they need to double their pay in order to feel rich.

A news.com.au online survey conducted between October 15-23 found that among Australia's highest income earners - those earning $201,000 or more - just 8 per cent felt wealthy. Although more than half felt comfortable, 14 per cent said they didn't feel comfortable and another 8 per cent actually felt poor.

The survey got 4147 responses from around Australia and showed that people mostly agreed with Prime Minister Scott Morrison that those who earn $180,000 aren't rich.

Of those surveyed 46 per cent either agreed or strongly agreed that Mr Morrison was right, with 36 per cent disagreeing and 17 per cent neutral.

As news.com.au has noted before, someone earning $180,000 would be in the top 10 per cent of earners in Sydney.

When it comes to how much more people need to earn in order to feel wealthy, more than half said they needed another $200,000 or more. Another 10 per cent said they would need at least another $180,000 to feel wealthy.

But it seems that the closer you get to a wage of $200,000 a year, the more you think you need.

RELATED: Why earning $180k doesn't make you rich

 

Among those already earning $200,000 or more, a whopping 91 per cent said they needed at least another $200,000 or more to feel wealthy.

This would put them in reach of the Prime Minister's $500,000 a year salary.

Among those earning a lot less - $100,000 - just 39 per cent felt they needed at least another $200,000.

This drops even lower for those earning less. Among those earning between $41,000 and $60,000 a year, only 13 per cent felt they needed another $200k.

About a third of those in this income bracket said they thought $100,000 or more would be enough.

When asked what wealthy looked like today, most people believed it involved having no debt, being able to take holidays and having $5000 in savings, as well as owning a property, vehicle and having money left over after paying the bills.

Overall, less than 3 per cent of Australians feel wealthy despite the fact that more than 15 per cent of those surveyed earn more than $200,000 a year.

However, most people surveyed felt "comfortable" on their current wage, with 55 per cent indicating this on a sliding scale when asked if they felt wealthy.

This is probably to be expected given 62 per cent of those surveyed earned more than $101,000 a year including superannuation.

 

RELATED: How much do you need to earn to be considered rich in Australia?

Earning $200,000 a year is probably not enough to get you a waterfront mansion and only 8 per cent of people on this wage feel wealthy. Picture: Greg Wood/AFP/Getty Images.
Earning $200,000 a year is probably not enough to get you a waterfront mansion and only 8 per cent of people on this wage feel wealthy. Picture: Greg Wood/AFP/Getty Images.

The results also varied among the states and territories.

The region with the highest percentage of people who didn't feel wealthy or comfortable in their financial position was Northern Territory, where almost 54 per cent were struggling. This was followed by NSW (45 per cent) and Victoria (42 per cent).

Interestingly, Tasmania had the most financially secure people with only 36 per cent saying they didn't feel comfortable, followed by ACT (39 per cent) and Western Australia (40 per cent).

This is despite the fact that WA had the highest percentage of people who earned more than $200,000, with 21 per cent reporting they did so, followed by ACT and NSW on 17 per cent.

Tasmania had the lowest percentage of those on $200k, with only 5 per cent earning this amount or more.

Even though there were less high earners in Tasmania, 64 per cent felt comfortable or more than comfortable, compared to Western Australia where only 59 per cent felt comfortable, more than comfortable or wealthy.

 

 

charis.chang@news.com.au | @charischang2

Originally published as Huge amount Aussies earning $200k want



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