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It takes a salary of more than £300,000 a year to be counted rich in London, an analysis of the country's fattest pay packets found yesterday.

And to be seen as one of the top earners in his peer group, a middle-aged man in the capital has to make £700,000 a year, it said.

The scale of the salaries, bonuses and perks of the best-paid is 'staggering', the respected Institute for Fiscal Studies said, adding that its research showed 'the extraordinary scale of the gulf between the merely well off and the very richest'.