HIGH FLYERS IN THE CITY CAN EARN MILLIONS BUT ARE FINISHED AT 50!
The Route City wealth club (The Route) has announced the results of its “Top Wealth Generating Careers – Report 2008” to coincide with the finalisation of the introduction of its unique Membership concept. This report reveals that high earners in the top 10 most lucrative careers in the City take home an average of £534,400 per year with their bonus making up almost 50% of their annual income.
Top Income Generating City Careers – 2008
- Traders – £1,449,0002
- General Finance – £1,027,8003
- Legal – £572,8004
- Recruitment – £477,5005
- Insurance – £388,5006
- Management Consultancy – £379,2007
- Natural Resources Investment/Management – £320,5008
- Property Management/Investment – £312,7009
- Medical – £246,00010
- Media/Marketing/Communications – £170,200.
However, the intense pressure to perform causes many of these High Net Worth (HNW) individuals to have relatively short careers with many seeking to retire early or start a “second career” at 50 – if not earlier.
Mark Worrall, managing director, The Route, commented: “Many of our members work in intensely pressurised careers that have a relatively short life span with only 20 ‘peak earning years’ and are very focused on performance related bonuses. So while they have the opportunity to earn more than half a million a year, this part of their working life generally doesn’t last very long. Most are facing ‘Retirement’ at 45 – 50, thus it is vital that they manage the income from their hard work well.”
As the majority of high income generating careers are cyclical with earnings peaking in a person’s forties, the second career aspiration is an understandable goal that many HNW individuals devote a significant amount of time to achieving.
Age Income Peak:
|
Peak Earning Age |
Sector | Peak Average Earning |
| General Finance | £1,149,200 | |
| 36 – 40 Years Old | Media | £171,000 |
| Insurance | £418,800 | |
| Legal | £630,000 | |
| 41 – 45 Years Old | Traders | £1,766,700 |
| Recruiters | £583,300 | |
| Management Consultancy | £1,812,500 | |
| 46 – 50 Years Old | Property | £271,900 |
| Natural Resources | £500,000 | |
| Over 50 | Medical | £650,000 |
With the majority of the earnings for the HNW consumers peaking in their forties, this is an ideal time for them to consider thinking about another career. Of the high earners, the Medical profession is the only career where earnings peak in the 50’s, a time when you would traditionally expect a person’s salary to be at its highest. The desire to have a second career that The Route has seen across all the industries listed is certainly attainable for many of these HNW individuals who can expect to see their 20-year prime earning years earn them an average of £8,870,400.
Worrall concluded: “As a business, we were set up to help high net worth consumers make the most of their relatively short but high earning careers and avoid some of the most common financial planning pitfalls. Just because a person earns a high salary doesn’t mean that they necessarily have the knowledge or –indeed – time to take the best possible care of their own finances.”
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