Posted by NJH on 08/07/2016 13:43:11:
discovered that my great great great grandfather was from Essex , his occupation was' Gentleman' and he was worth 16,000 quid . What did a Gentleman do ? Mike in Australi
Hi Mike
To relate that to todays values I calculate that £16000 in 1780 ( a guess at his d.o.b.) would be worth about one and a quarter million Australian dollars today !
That should set up a nice workshop and leave some over for a tinny or two!
Cheers!
Norman
Norman's figure is correct if you do the RPI calculation, but the value that gives can be somewhat misleading because what can be bought, the cost of labour, and the relative distribution of wealth across society have all changed significantly over the years.
Compared with the average Englishman your ancestor was a rich man. A Gentleman didn't have to work for a living and his money probably came from rents and/or investments. The "economic status" value of his £16000 in 1800 would be equivalent to over £20,000,000 today. That's about $40M AUD.
It would be interesting to find out where the money went. Quite a few of the Gentleman class were heavy gamblers, or perhaps you're the missing heir to half of central London!
Cheers,
Dave