Are you rich? Do you feel rich?
Catégorie : Finance
Publication date : 15/06/2017
How much money do we need to have before we consider ourselves rich?
When you ask this question in surveys, the amount usually goes up according to the income of the respondent. For example, an employee who earns €1,140 a month will probably say that wealth begins at a monthly income of €3,000 euros. We generally imagine wealth to begin at roughly twice the salary we earn.
But it’s not a strict science. An employee who earns €3,500 may legitimately feel that he or she is not at all financially at ease. This feeling can be accentuated if he or she works a lot and has little recreation, or if their income does not produce the desired lifestyle.
How rich do you feel?
In France, the average monthly wage is €2.202 net according to INSEE. So for the average French person, wealth starts from €5.000 net per month (Source: Les Echos, 2015).
If you would like to know exactly where you are on the French salary scale, The Observatory of Inequalities has set up a simulator. If you earn 3,000 euros net per month, you will see that 84% of French employees earn less than you.
In Belgium, the average wage is €2.073 net* according to the Federal Public Service Economy.
Whether you are rich or feel rich is irrelevant when it comes to saving. Whatever your level of income, it’s always good to set some aside for growth.
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* Net wages are not the same in France as in Belgium. In France, the net wage does not include income tax, which still has to be paid by the employee. In Belgium the net wage corresponds to take-home pay.