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The number of people with at least £1 million in an individual savings account (ISA) reached 7,730 in the 2023/24 tax year, according to HMRC figures obtained by Plum. That was more than 50% above the 5,070 recorded in 2022/23; the source report says the top 25 ISA pots averaged £12 million.
The number of ISA millionaires in the UK reached 7,730 in the 2023/24 tax year, according to HMRC figures obtained by savings and investment app Plum. The count of people with at least £1 million held in ISAs was more than 50% higher than the 5,070 recorded in 2022/23, setting a new record, the figures show.
Plum obtained the figures through a Freedom of Information request to HMRC. The data measures the number of people whose ISA holdings reached or exceeded £1 million during the reported tax year. It does not, in the information provided, explain how much of the increase came from investment performance, contributions, transfers or changes in the people counted.
The report carrying the figures says the 25 largest ISA pots averaged £12 million. That figure describes the top 25 accounts and is not representative of the typical ISA holder or of all people classified as millionaires. The supplied report does not give the individual values behind that average.
The year-on-year comparison is between 5,070 ISA millionaires in 2022/23 and 7,730 in 2023/24. The source characterizes the latest total as a record, but the material provided does not include a longer historical series or a breakdown by ISA type, age, region or investment strategy.
A sharp rise at the top
The increase puts a specific figure on the number of people with substantial tax-advantaged savings and investments in ISAs. The count rose by more than 50% in one year, according to the HMRC data cited by Plum, though it does not show whether that change reflects broad growth in account values or movement among a relatively small group of large holders.
The £12 million average for the top 25 pots highlights how concentrated the largest balances are. It should not be read as a typical outcome or a forecast for people investing through an ISA. The figures cover only those who crossed the £1 million threshold and provide no comparison with the much wider population of ISA savers.
For readers, the data is a snapshot of accumulated ISA wealth, not evidence that a particular investment approach will produce similar results. The material supplied attributes the rise to patient investing in the report’s framing, but the count itself does not establish the causes of the increase or the returns earned by individual account holders.
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How the ISA count is measured
An ISA, or individual savings account, is a UK account in which eligible savings and investments receive tax advantages under the applicable rules. The report defines an ISA millionaire as someone with £1 million or more held in ISAs. HMRC supplied the count after Plum made an FOI request.
The figures compare two consecutive tax years: 2022/23 and 2023/24. They concern the number of people above a wealth threshold, rather than the total value of all ISA assets or the average balance across ISA holders. The source material does not specify whether a person with multiple ISA accounts is counted through a combined total, nor does it provide details on the underlying calculation.
The headline about the top 25 pots refers to the largest balances in the report. Without account-level data or a wider distribution, that average offers limited information about how ISA wealth is spread among the 7,730 people counted.
“The number of ISA millionaires reached a record high of 7,730 in the latest tax year.”
— MoneyWeek, reporting HMRC figures obtained by Plum
What drove the increase
The supplied figures do not identify why the count rose from 5,070 to 7,730. They do not separate investment growth from new contributions, transfers, withdrawals, market movements or other factors, and they do not provide data on individual account holders.
The source also gives no longer time series, account distribution or methodology detail beyond the FOI request and the £1 million definition. It is therefore unclear how the record compares with earlier years beyond the prior-year figure, or how many people were close to the threshold. The reported £12 million average for the top 25 pots is not accompanied by the individual balances used to calculate it.
Further HMRC detail needed
The figures describe the 2023/24 tax year; the supplied source material does not state when HMRC will publish a comparable count for a later year. Any future update would show whether the number above the £1 million threshold continued to rise, but would not by itself explain the causes.
More detail on HMRC’s counting method, the distribution of ISA balances and the types of accounts included would help clarify how the record should be interpreted. Until such information is available, the confirmed development is the increase in the reported count, while its drivers and broader distribution remain unknown.
Key Questions
How many ISA millionaires were recorded?
HMRC figures obtained by Plum show 7,730 people held at least £1 million in ISAs in the 2023/24 tax year.
How does that compare with the previous year?
The count rose from 5,070 in 2022/23 to 7,730 in 2023/24, an increase of more than 50%, according to the figures reported by MoneyWeek.
What was the average value of the top 25 ISA pots?
The report says the top 25 pots averaged £12 million. This applies to the 25 largest balances, not to ISA holders generally.
Do the figures explain why the number increased?
No. The supplied data gives the counts for two tax years but does not break down the increase by investment returns, contributions, transfers or other causes.
Source: rss
