Original post by bjh30You simply couldn't be more wrong if you tried I'm afraid. Firstly, in Britain, money has very little to do with 'class'. Secondly, its only really people of working class/upper class background that still talk about 'class' - nobody really cares (and I certainly couldnt give a c--p what 'class' people are - its about their values, them as an individual). Thirdly, it's spelt Manor not manner. Fourthly owning a 'Manor House' does not make you rich - I suppose it means your relatively well off, but most certainly not 'rich'. Fifth the aristocracy have been losing money for years, and I hardly know anyone with serious money any-more who is from such a background - I can think of a few who have inherited vast amounts of money - but overwhelmingly 'rich' people I have met at school, through business etc have been self made - the really rich actually tend to come from nothing - they are more motivated and driven. Go to a leading public school in Britain, take a look around. Even at Eton, the last remaining school where there are aristocrats still there (seriously, they hardly exist at most other top public schools), they are probably a minority now...Even a decade ago, such family's were using their last bits of wealth to pay the fees - today, they simply don't have the money. Think about it, to send your kids to Eton, say you have 2. That's £60k a year fees. Allow £5k each for yearly extras (they bill you for everything). That's £140k you need to earn, before tax, just to put children through school. Basically, you need an income of MINIMUM £400k a year for it to be seriously viable, and I would say a lot more to be comfortable. If you are not earning that money, based upon a 3% return on assets (allowing for enough to cover inflation to keep your money of circa the same value), you would need to have assets circa £13.5million. Remember that you pay 40% IHT. That means someone would have to leave you, what, circa £21million.
When you have paid IHT several times over, as people who used to own 'manor houses' would have, you ain't going to have much left. That, combined with the expense of maintaining a large houses, not working, school fees etc etc will erode your wealth very quickly. Plus there's the small fact that if you aren't smart in how you spend money, people clever than yourself will make more, find ways to get you to spend it etc etc and you will rapidly lose out (look at the drinking/gambling problems experienced by members of the aristocracy).
The upper classes generally don't have any money. In the UK, it is the 'Upper Middle Class' who have the money, and they will never be 'upper class', as they are self-made people, people with no titles etc. There are some exceptions - I know of a handful of familys who are rolling in it, but mostly, they are really struggling to put kids through schools, and they certainly dont drive nice cars etc. The ones that have property in places like Chelsea, Kensington etc are using their last remaining assets - selling up - and buying in cheaper areas - releasing half of their wealth to pay for things like living etc. They are being bought by Arabs, Russians and very successful entrepreneurs/bankers.
It should be entirely about meritocracy.