ISA millionaire numbers surge in record jump to hit new high of 7,730
13 October 2026
London, 13 October 2026 – ISA millionaire numbers have soared by more than 50% in a single year to a record high of 7,730, latest annual figures show.
A Freedom of Information (FOI) request by smart money app Plum has revealed the number of millionaires tracked by HMRC climbed 52% during the 2023-24 tax year from the 5,070 millionaires recorded on the final day the previous tax year (millionaire numbers are counted on April 5 each year).
The 2,660 new members of the ISA millionaire club represent the largest year-on-year increase since HMRC first began releasing the figures under FOI disclosure rules in 2016.
According to HMRC’s data, the top 25 ISA investors are sitting on pots averaging an eye-watering £11,928,000, up by £623,000 (5.5%) in the space of just 12 months.
Meanwhile, the average ISA millionaire is sitting on a pot of £1,348,000, virtually unchanged year-on-year. Between them, the UK’s ISA millionaires now hold more than £10bn in tax free wealth.
Will Bryant, Director of Wealth Strategy at smart money app Plum, commented: “A jump of more than 50% in a single year is really telling. These aren’t people who suddenly saved their way to £1m. It’s the result of years of patient investing, where the growth on your growth starts doing the heavy lifting. That’s the bit people underestimate.
“These figures underline the value of investing and the importance of taking a long-term approach. Despite the geopolitical volatility of recent years, global markets powered by the U.S. stock market have continued to climb. Recent research has highlighted that staying invested, even during times of geopolitical uncertainty, pays dividends - if you held an investment in a standard 60/40 portfolio it would have performed better than cash by an average of 20% over any 3 year period.1
“These investors didn’t reach millionaires’ row by selling every time things got scary. They’ve sat through financial crises, Covid, rising interest rates and tariff worries, all of it. Staying put is harder than it sounds, but it’s time in the market, not trying to time the market, that works. And this data is proof of that.”
ISA millionaire numbers have now increased by 1,618% since 2016 when they stood at just 450. HMRC has previously stated that all ISA millionaire pots were accumulated through stocks & shares investing rather than cash saving highlighting the powerful compounding effect of investing.
Of the 7,730 ISA millionaires recorded in the figures published today, 7,300 investors were sitting on pots valued at £1m-£1,999,999, while 320 individuals had pots between £2m-£2,999,999 and 40 had pots £3m-£3,999,999. There were 60 investors with pots in excess of £4million, averaging £7,708,000 each.
Will Bryant said: “When you look at the top 25 averaging £11.9m, the amount of capital gains and dividend tax those investors have been spared over the years must be enormous. In the last year alone, they have made tax-free gains of more than £600,000. It really shows the power of the ISA wrapper.”
The latest figures come as families brace themselves for inheritance tax on pensions from April 2027. ISA pots remain exempt from IHT if passed on to a spouse or civil partner of the deceased.
April 2027 will also see the annual cash ISA allowance cut from £20,000 to £12,000 for savers aged under 65, although the overall ISA allowance remains at £20,000.
Will Bryant added: “The ISA reforms may lead people to use more of their stocks & shares ISA to make full use of their tax-free allowance. But this still feels like a heavy-handed approach, and many people simply won’t know what’s changing.
“It’s worth remembering that you don’t have to put all of your allowance into the markets straightaway. You could hold some of it back in a money market fund within your stocks & shares ISA, and drip feed your money into investments steadily over time through pound-cost averaging.”
Individual Savings Accounts (ISAs) were introduced in 1999, replacing their predecessor Personal Equity Plans (PEPs) which were launched in 1987 by the then chancellor Nigel Lawson with an annual allowance of £2,400. PEPs investors were allowed to lump their money into the new tax wrapper. ISA holders can put their money in either cash or stocks & shares accounts.
While pension investors get tax relief on their contributions, they can typically only withdraw a 25% lump sum tax free up to a cap of £268,275 and can’t touch their pot until aged 55 (or 57 from 2028), adult ISA investors can pay in £20,000 annually with all contributions and gains sheltered from income and capital gains tax - and draw on their pot whenever they want with no ceiling on tax free cash.
The rise and rise of ISA millionaires
Year | Number of investors with £1m+ |
2016 | 450 |
2017 | 740 |
2018 | 1,190 |
2019 | 2,000 |
2020 | 1,480 |
2021 | 4,070 |
2022 | 4,850 |
2023 | 5,070 |
2024 | 7,730 |
*Millionaire numbers counted by HMRC on April 5 each year
The Liberal Democrat peer Lord Lee of Trafford became the first publicly declared ISA millionaire in 2003 after judiciously maxing out his allowance from the time of their launch (as PEPs).
As an illustrative example, someone starting from scratch today, maxing out the current £20,000 annual allowance each year into a stocks & shares ISA could potentially expect to reach millionaires’ row in around 22 years, assuming annualised returns of 7% after fees.
Will Bryant commented: “The people who’ve done best are probably the ones who set it up and largely left it alone. The more you tinker, the more chances you give yourself to make emotional decisions.
“If you check your valuation 365 times a year, you will be either happy or sad 365 times a year.
“For those anxious about investing in the stock market, money apps like Plum allow you to invest in funds that diversify your investments across thousands of companies and enable you to select a risk profile that suits your personal outlook at a low cost.”
IMPORTANT INFORMATION:
This should not be read as investment or tax advice, please always do your own research or seek independent advice. When you invest, your capital is at risk. The value of your investment can go up as well as down and you may get back less than you invest. Past performance is not a reliable indicator of future results. Tax treatment may depend on your personal circumstances and ISA rules apply.
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Notes to editors