The HENRY Population Split: London vs Outside the Capital and Their Earnings Impact
- Phil M
- 7 days ago
- 3 min read
London has long been the magnet for high earners, especially those classified as HENRYs—High Earners, Not Rich Yet. These individuals earn substantial incomes but have yet to accumulate significant wealth. The capital attracts many large businesses that offer high salaries, making it a hotspot for ambitious professionals. But how many HENRYs actually live outside London compared to those in the city? And what does this mean for earnings and lifestyle choices?
In this post, I explore the distribution of HENRYs across London and the rest of the UK, the reasons behind salary differences, and how many high earners outside London manage to thrive, often through business ownership or remote work.
Understanding the HENRY Demographic
HENRYs typically earn between £100,000 and £150,000 annually. They are often in the early or middle stages of their careers, with potential to build wealth over time. London, as the UK’s financial and business hub, naturally draws a large share of these earners. The city hosts headquarters of multinational companies, financial institutions, and tech firms that pay premium salaries.
Outside London, the number of HENRYs is smaller but growing. Many of these individuals work in regional cities like Manchester, Birmingham, and Edinburgh, or in affluent commuter towns. Others live further afield, often running their own businesses or working remotely for London-based companies.
Why London Offers Higher Salaries
London salaries tend to be higher for several reasons:
Concentration of large businesses: Many global companies base their UK operations in London, offering competitive pay to attract top talent.
Higher cost of living: Salaries reflect the need to cover expensive housing, transport, and lifestyle costs.
Industry mix: Sectors like finance, law, and tech dominate London’s job market, all known for paying well.
Networking and career growth: London provides more opportunities for career advancement, which often comes with salary increases.
This combination means that HENRYs in London often enjoy higher incomes than their counterparts elsewhere.
The HENRY Population Outside London
Despite London’s dominance, a significant number of HENRYs live outside the capital. Many are business owners who have built successful companies in regional hubs or smaller towns. Others have embraced remote work, especially since the pandemic, allowing them to earn London-level salaries without living in the city.
Business Owners
Owning a business outside London can be lucrative. For example:
A tech startup founder in Cambridge or Bristol can earn well above average salaries.
Professionals running consultancies or agencies in cities like Leeds or Glasgow often command fees comparable to London rates.
Entrepreneurs in sectors like manufacturing, creative industries, or professional services benefit from lower overheads and still achieve high earnings.
Remote Workers
Remote work has changed the game for many HENRYs:
Employees of London firms can live anywhere and still receive high salaries.
This flexibility attracts professionals to more affordable areas, balancing lifestyle and income.
Some remote workers combine their jobs with side businesses, increasing their overall earnings.
Comparing Salaries: London vs Outside the Capital
While London salaries are generally higher, the gap is narrowing in some sectors. Regional cities have seen wage growth, especially in tech, finance, and professional services. However, high salaries outside of London remain less common overall.
Here are some key points:
London salaries can be 20-30% higher on average for similar roles.
Outside London, high salaries often come with business ownership or specialized skills.
Remote work allows some to earn London-level pay while living elsewhere.
Cost of living differences mean that even slightly lower salaries outside London can offer better disposable income.
and Financial Impact for HENRYs
Living outside London offers advantages beyond salary:
Lower housing costs mean more disposable income or ability to save.
Less commuting time improves work-life balance.
Access to green spaces and quieter environments appeals to many.
For HENRYs in London, the trade-off is often higher pay but higher expenses and a more hectic lifestyle.
What This Means for Aspiring HENRYs
If you aim to become a HENRY, location matters but is not the only factor:
Consider industries and roles that pay well in your area.
Explore entrepreneurship or freelance work to boost earnings.
Remote work can open doors to high salaries without relocating.
Balance salary expectations with cost of living and lifestyle preferences.
The split between HENRYs in London and outside the capital reflects broader economic and social trends. London remains the centre for high salaries and career opportunities, but more high earners are thriving elsewhere thanks to business ownership and remote work. Understanding this split helps professionals make informed decisions about where to live and work.
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