Number of Isa millionaires surges 52% to 7,730 in a year

Summarised from 2 outlets · Updated 13 Oct, 15:20 · Archive

The number of Isa millionaires in the UK has increased by more than 50% to reach 7,730 as of April 2024.

The number of Isa millionaires in the UK has surged by 52% in a year to reach around 7,730, according to figures obtained by money app Plum from HM Revenue and Customs following a freedom of information request. This represents an increase of 2,660 Isa millionaires compared with 5,070 recorded by April 2023, marking the largest year-on-year increase since 2016.

According to HMRC data as at April 5 2024, the average Isa millionaire was sitting on a pot worth around £1.35 million. The majority of Isa millionaires, approximately 7,300, held amounts worth between £1 million and £1.99 million. Around 60 had pots worth £4 million or more, with that group averaging £7.7 million. The top 25 Isa millionaire holdings had a mean average value of £11.9 million.

Isas enable savers to accumulate wealth without paying tax on investments or profits. HMRC cautioned that the figures should be used as a guide, as individual level data is provided annually by Isa managers and a proportion of records may be entered incorrectly or fail to be submitted each year.

How it is being reported

• Number of ISA millionaires surges to record high with 25 people holding pots worth £12mThe number of ISA millionaires in the UK hit a record high, as more Brits chose to plough their cash into the tax-shielded account. The total number of stocks and shares ISA millionaires increased by more than 50 per cent in the 2023/24 tax year, reaching a record 7,730 according to an FOI request from [...]City AM · 13 Oct, 15:06
• Surge in Isa millionaires as estimated total reaches 7,730Around 60 Isa millionaires had pots worth £4million-plus, according to figures obtained by money app Plum.Evening Standard · 13 Oct, 09:52

In this story: UK · HM Revenue and Customs · Plum

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem