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The number of people with at least £1 million held in ISAs reached a reported record of 7,730 in the 2023/24 tax year, according to HMRC figures obtained through a Freedom of Information request by Plum. That was more than 50% higher than the 5,070 recorded in 2022/23. The source headline says the 25 largest ISA pots averaged about £12 million, but the supplied material does not include the underlying figures or details on how that average was calculated.
The number of people holding at least £1 million in ISAs rose to a reported record 7,730 in the 2023/24 tax year, according to figures from HMRC obtained by investment app Plum. The total was more than 50% higher than the 5,070 recorded in 2022/23, offering a snapshot of how large tax-free investment and savings pots have accumulated among a small group of account holders.
The figures were disclosed in response to a Freedom of Information request submitted to HMRC by Plum, as reported by MoneyWeek. The source defines ISA millionaires as people with £1 million or more held in their ISAs. It reports 7,730 such account holders for 2023/24, compared with 5,070 in the previous tax year.
The increase is a comparison between the two reported annual totals: the number rose by more than 50% year on year. The supplied report describes the 2023/24 count as a record high. It does not provide a longer historical series in the material available here, so the development should be understood as the record described by that report rather than a separately verified account of every year on record.
The report headline also says the 25 largest ISA pots averaged £12 million. The source material supplied for this article does not include the underlying values, the precise date those balances were measured, or the calculation method. That figure is therefore presented as a claim in the headline, not as a result that can be independently checked from the details provided.
What the Record Says About ISA Wealth
The latest count shows that a small number of savers have built ISA balances well beyond the level most people hold. ISAs are widely used savings and investment accounts, and the million-pound threshold highlights the scale that long-term contributions, investment returns and account growth can reach for some holders. The reported increase may be of interest to savers, advisers and policymakers tracking how financial assets are distributed.
But the figure does not show that a typical ISA holder is approaching millionaire status. It is a count of people whose combined ISA holdings met a high threshold, not a measure of the average balance across all ISA accounts. Nor does the year-on-year change explain what caused the increase. Without further breakdowns, it cannot distinguish the effects of market performance, new contributions, transfers between accounts, or changes in the population counted.
The headline figure on the largest 25 pots also concerns an exceptional group and should not be read as a guide to ordinary saving outcomes. ISA values can rise or fall, particularly where the money is invested. Past account growth is not a guarantee of future returns, and the data supplied does not establish how much of the reported wealth came from investment gains rather than deposits.
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How HMRC’s ISA Count Was Obtained
The reported totals come from an HMRC response to Plum, which sought the information through the UK’s Freedom of Information process. MoneyWeek reported the resulting figures, including the comparison between 2023/24 and 2022/23. The count uses a threshold of at least £1 million in ISA holdings; it is not a count of people with £1 million in total wealth.
The 2023/24 tax year is the period covered by the latest figures cited in the source material. The report attributes the growth to patient investing, but the supplied details do not include analysis showing how much each factor contributed. The annual totals indicate that more people crossed the stated balance threshold, but they do not on their own explain why.
ISAs can hold cash or investments, and an individual may have more than one ISA account. The source extract does not specify how HMRC’s figures handled multiple accounts, joint holdings, transfers, or the valuation date used to determine whether someone crossed the threshold. Those methodological details matter when interpreting a count based on account balances.
“The number of ISA millionaires – those with £1 million or more held in their ISAs – [has reached] a record high of 7,730 in the latest tax year.”
— MoneyWeek, reporting HMRC figures obtained by Plum
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What the Figures Do Not Explain
The source material does not include the full HMRC response, the detailed table behind the totals, or the methodology used to count holders. It is not clear whether the figures refer to individuals, accounts, or a method for consolidating multiple ISA accounts held by one person. The valuation date and treatment of transfers are also not specified in the supplied report.
The cause of the increase remains unquantified. The report characterises the rise as the result of patient investing, but the available information does not separate investment returns from contributions or other factors. It also provides no breakdown by ISA type, age, region or account history.
The £12 million average for the top 25 pots appears in the source headline, but no underlying data is included here to verify the arithmetic or clarify whether the figure relates to the same year-end as the 7,730 count. The figures are historical and do not indicate what ISA balances will be in future tax years.
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Further HMRC Detail Would Clarify Trends
The next useful step would be publication of the full HMRC response or a more detailed table setting out the counting method, account valuation date and figures for earlier tax years. That would allow readers to judge how the reported record compares with a longer trend and to assess the top-25 average against the underlying balances.
Until such details are available in the cited material, the confirmed development is the reported rise from 5,070 to 7,730 ISA millionaires between 2022/23 and 2023/24. Future annual HMRC figures may show whether the total continues to change, but no later count or projection is included in the source material.
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Key Questions
How many ISA millionaires were reported for 2023/24?
The figures reported by MoneyWeek, based on HMRC data obtained by Plum, put the number at 7,730 people with at least £1 million held in ISAs.
How does that compare with the previous tax year?
The reported total was 5,070 in 2022/23. The rise to 7,730 in 2023/24 was more than 50%, according to the source report.
What does the report mean by an ISA millionaire?
It defines an ISA millionaire as someone with £1 million or more held in ISA accounts. This is not a measure of their total wealth or income.
Why did the number increase?
The report describes patient investing as a driver, but the supplied information does not quantify the effects of investment returns, deposits or other factors. The reason for the increase cannot be determined from the totals alone.
Can the reported average for the 25 largest pots be checked?
The source headline says the top 25 pots averaged £12 million, but the material supplied does not include the individual balances or calculation method needed to verify that average.
Source: rss
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