Economic Disparity in Relatable Terms:
Having ventured down the rabbit hole, I found that most economical data is obscured to the point that it's oftentimes useless.
While you can, conventionally, attempt to use GDP to establish an average income or development level, this develops a false image.
For European countries, while the average wage itself is given as a gross value - the take-home pay is far more important, and the average cost of living is even more important.
The UK, I have found, is the biggest offender. While ostensibly, the median average wage stands at £38,200 - this number is
bent to the point of fabrication. Firstly - they include both single and
household in the average wage.
The figure which most are interested in - the amount of money you will get from your employer, is
actually
10th | £9800 |
50th | £19700 |
90th | £38400 |
97th | £59700 |
And of course, this is before taxes.
For the UK, the percentiles for income, adjusted for tax:
10th | £9800 |
50th | £17561 |
90th | £30651 |
97th | £44429 |
Statistically speaking, if you earn £44,429 in the UK as a singular income - you are in the top 3% of earners.
But that's not all!
For costs of living, these are often adjusted to mask certain realities. Oftentimes we can use approximations to get around this fact - while the UK's average property values are high, their true "value" is masked by hiding the devil among the details.
Ostensibly, the average cost of rent in the UK stands at £1268. This is incredibly high - but this is the total value for all homes, including those with multiple occupants. But that's good, right?
No.
In the UK, the average
living space for an individual can be seen multiple ways.
The
lowest average for the UK as a whole is £597 per month.
This is a single room.
Taken together, with the 50th percentile mark - you find that the average monthly income is £1463.42 - this is the middle ground for the UK as a whole.
Subtracting the average
single room price in rented accommodation, the average Briton can actually expect a to have £866.42 after paying their rent.
That's $1104.42