Pity the Henrys (High Earners, Not Rich Yet) – they have a point ...Middle East

For most of Brits, these questions might as well be asking how soon they can board a SpaceX flight to the moon. But for Henrys (high earners, not rich yet), these are the kind of questions that keep them up at night. 

There are dedicated social media forums for anxious Henrys asking whether a Universal theme park queue jump is good value for a kids’ holiday (conclusion: stupidly expensive, but worth it) or whether they should move from banking to consulting (the consensus: don’t make the jump if you like spending any time with your family).

You see, this is precisely the problem: Henrys are, by their nature, deeply hateable. Everything about them conjures up an image of the kind of flicky-haired, jumped-up blonde posho you might have seen braying on the high street of a provincial university town. And yet they point to a deeper problem in society.

The problem is, it all comes down to tax. According to calculations by The Economist, a Henry on £100,000 can face up to a 71 per cent tax rate once you factor student loan repayments and National Insurance into the higher tax rate. That essentially means they take home 29p on every pound they earn – earning a single pound over that magic number of a hundred grand means that you could be taxed thousands more.

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If you’re still feeling unsympathetic, I don’t blame you. After all, Britain has a peculiar relationship with wealth – we aspire towards it and yet we loathe it. The French guillotined their rich; we merely seethe in silence and send passive aggressive texts when our friends upgrade to Premium Economy on a group holiday and leave the rest of us in cattle class.

Henrys may have it bad, but so do the rest of us – according to a survey by online banking service Marcus by Goldman Sachs, 43 per cent of Brits say that they worry about money a lot. Over a third of people feel that they are financially worse off than they were at the same time last year.

Zing Tsjeng is a journalist, non-fiction author, and podcaster

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