CCR Magazine

You are here  :Home arrow News arrow Over one million people claim to be earning £100k or more
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Over one million people claim to be earning £100k or more PDF Print E-mail
Thursday, 02 June 2016
New research from global currency business Centtrip, reveals that 1.22 million people claim to be earning over £100,000 a year, and there are 235,000 individuals who say they are being paid £200,000 or more.  Some 47,000 people say they are earning over £1 million a year.

Centtrip is a Global Currency Account with an online payment platform and multi-currency prepaid MasterCard® card created to serve the needs of companies and affluent individuals with a commitment to international bank payments and travel. Customers can purchase currency spread free and send payments worldwide in all major and most exotic currencies direct from their account. They can also deposit funds to hold on account or transfer to associated cards in up to 14 currencies at a guaranteed fixed fee of no more than 0.5%.

The instant access to the live market means Centtrip customers are always able to take advantage of market highs and avoid the lows.

The prepaid MasterCard card comes with significantly higher balances and spend limits compared to £5,000 or £6,000 for most prepaid currency cards and its new international transfers service is consistently among the most competitive in the market(2). For example, buying £20,000 of Euros to transfer to a Centtrip card would save you around £406 against an average credit card spend of the same amount, £424 against a typical prepaid currency card and £429 when compared to a debit card.

Similarly, by using Centtrip to transfer £5,000 into US Dollars for example, you would save around $229 when compared against the most expensive provider, or around $108.79 against the market average(3). When looking at £100,000, these savings jump up to around $2,147 and $597 respectively.

In addition to spread free exchange rates, there is no charge for point-of-sale transactions with the currency card at over 35 million locations and fees at 2.1 million cash point machines worldwide displaying the MasterCard Acceptance Mark. Furthermore, the efficiencies of a single account, which enables customers to manage all payments and expenses in one place, benefits affluent individuals by reducing the fees associated with having multiple bank accounts and cards in different currencies.

Tony North, Co-Founder and Managing Director, Centtrip said: “There is a growing number of mass affluent, high net worth and ultra-high net worth people living in the UK. This is being fuelled by more UK citizens reaching this milestone, but also a growing number of people in this category coming to live in this country – in particular London – from overseas.

“Our growth as a company is in part, being fuelled by this. Before launching our new enhanced international payment service, we saw the amount of currency bought on our card more than double every quarter in, and we now have over 5,000 clients including many high profile clients and luxury corporate clients.”

Analysis of industry data(4) by Centtrip reveals that around 17% of people have total household wealth of £500,000 to just under £1 million, and 11% have £1 million or more. Indeed since 2006 the number of people with total household wealth of more than £1 million has increased 209%.
 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197