Top earners have already made enough this year for a £1.3m property
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By the end of this week (24th January), CEOs of FTSE 100 companies will have already pocketed a net income nearly five times that of the average person’s annual wage in the UK, with enough saved to place a 10% deposit on a £1m+ property.
CEO pay: The facts (yearly, weekly, daily take-home...)
Our research shows that a CEO of a FTSE 100 company will take home an average net annual salary of £1.9m. (That’s based on regular UK tax rates... So for those with savvy accountants it could well be much more).
This £1.9m yearly take-home equates to a weekly pay packet of £37,039 (£5,291 a day), meaning they will have already earned £126,991 by this coming Sunday; 4.9 times the average UK salary.
A property empire comes easy for a FTSE CEO
This is enough to place a 10% mortgage deposit on a property valued just shy of £1.3m.
What's more, by 16th February they’ll have accumulated enough to outright cover the current average UK house price of £245,443; no mortgage required. We're sure there'd be no problem buying or selling their house fast either with that kind of financial clout.
Getting on the housing ladder still not so easy for the rest of us
In contrast, the average UK person makes just £58 per day meaning it would take them 11 years and 205 days to earn the current UK house price of £245,443 outright; a year and 57 days just to accumulate a 10% mortgage deposit.
As if this year hasn’t had a dismal enough start, this stark income disparity makes it all that more depressing for those on furlough, out of work or facing the uphill struggle of climbing the UK property ladder.
While the majority of us will be cutting back in January following the festive season, the most handsomely paid homebuyers would already be in a position to purchase a £1.3m with a little help from the mortgage sector.
Talk about a supercharged property purchase... How the other half live.
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