A fascinating, disturbing figure hit my inbox just now, from wealth managers FF&P: school fees have risen ten times faster than income since 2010, so even the 1 Per Cent can’t afford to send their kids to fee-paying schools any longer.
According to FF&P Wealth Planning, ‘Incomes of those earning between £100,000 and £499,999 per annum have risen by an average of just 0.5 per cent per annum over the last three years, from £167,387 in 2010/11 to £169,711 in 2013/14.
‘Over the same three-year period, private schools fees have increased by 4.4 per cent per annum, from an average termly cost of £4,186 in 2010 to £4,765 in 2013.’ This means that well-off professionals are ceding places to foreign UHNWs.
I’d argue that this underestimates the problem: as Spear’s has reported previously, day school fees have risen by 87 per cent in a decade and boarding school fees by 77 per cent – to £25,000 a year. And that’s not even the very top schools, where you easily pay over £30,000 a year.