Rich List And Ordinary Mortals

[Coldicote]

The so-called Rich List is in the news again and refers to numerous individuals having £billions. What do they do with it all? An ordinary mortal saving for retirement has the worry of what to do if their savings reach the compensation limit of £85,000. Not all people, especially elderly folk, want the worry of coping with more than one bank account. Are there any practicable alternatives?

[ubasses]

Most of the rich list will have professionals managing investment funds for them, several houses, boats, collectables etc. Then their outgoings will be relative to their income, maintaining the houses, school fees, staff to take care of everything. The good ones will be giving to worthy causes.

[black_cat51]

"An ordinary mortal saving for retirement has the worry of what to do if their savings reach the compensation limit of £85,000."
i'm not sure i'd class someone with 85 k savings they're worried about as "ordinary"!
The only practicable alternative (if you don't want the hassle of more than 1 bank account) is to cross your fingers and hope the banks don't collapse. Or get someone elseto manage all the "hassle" of your 85k!

[dunnitall]

Thus it has always been. Life is made up of the have's and have nots. Whether we consider it fair is nowt to do with it, there will always be divides that show ne'er the twain shall meet. Best way to combat it IMO is strive for more than you have and accept things if you can't reach your goal.

[andy-hughes]

Most of the people listed with seriously large fortunes have their money tied up in property and bsuinesses.

It gives the impression that they could walk into a bank and draw out a billion pounds, but of course that is a false impression - ready cash would not be a problem, but it's not in the amounts that the Rich List quotes.

Suffice to say they probably don;t need to worry about paying off their credit cards every month!

[Zeuhl]

Money in bank accounts is actually excluded from the ST Rich List figures because the compilers don't have access to that information.

The estimates of individual worth is just based on property, value of businesses and other assets.