With a general election approaching, attention is turning to wealth and taxes.
Shadow chancellor John McDonnell has caused a little furore, speaking on the Today programme yesterday about his vision for a fair taxation system.
McDonnell defined 'the rich' as those earning between £70,000 and £80,000 a year. Above this level, he argues, people can afford to pay more taxes.
As this article from The Guardian explains, he might have a point.
HMRC data shows around 5% of taxpayers earned more than £70,000 a year in 2014/15; it's not quite the one per cent, but it's certainly the wealthy minority.
Of course wealth is less about what you earn and more about what you keep.
Higher earners can quickly find themselves 'poor' when income is allocated to lifestyle costs, leaving little or nothing to build wealth for the future.
“We believe … the rich will be above £70,000 to £80,000 a year and that’s roughly defined as what people feel is an earning whereby people feel they can pay more.”