Members of Britain’s highest-paid 1% don’t feel particularly well-off, according to a new study by the London School of Economics – because of comparisons they make with the 0.1% super-rich. Members of the top 1% are often working for the 0.1%, and regular exposure to their lives and lifestyle can create feelings of disadvantage and aspiration to earn more. “While recognising their advantage compared to the general population, they experience disadvantage when ‘looking up’,” Katharina Hecht, a PhD researcher in the LSE’s Department of Sociology writes. “In their daily lives, the top 1% are surrounded by vast absolute income inequality, because the differences between top income earners are much higher than those between individuals situated in the middle of the distribution.”
A financial professional in the City of London said she did not feel her income was high compared with others working in finance in the capital – and that she would consider high income to be those “earning millions”.