Much has been said in recent years about the growing wealth gap between rich and poor, leading some to suggest we are witnessing a new gilded age for the richest 1%. However, it is important to remember that simple income distributions tell only a small part of the story. Click here

In order to make it into the UK’s top 1% of earners, you need to be a high achiever in your chosen profession and company, crafting a career that is both lucrative and satisfying. However, this is only half the battle – you also need to be smart with your money, making good financial decisions and embedding sound financial habits into your daily life. With careful and clever planning, you can build real wealth – the kind that allows you to improve your lifestyle year on year, protect yourself against the financial shocks of life, and leave a financial legacy to your descendants.

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The majority of income for the UK’s top 1% comes from employment, but it is important to note that salary is only around 60 per cent of what these high earners take home. Many of them supplement their salaries with partnership and dividend income, which is taxed at lower rates, allowing them to increase their net earnings considerably.

In fact, the latest figures show that in order to be classified as a member of the UK’s top 1%, you need to be earning at least PS186,000 annually before taxes. This is a relatively fluid group, with some people moving in and out of the category each year, depending on the state of the economy and whether they are able to exploit the best opportunities for investment and business growth.