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The number of people with at least £1 million in an ISA reached a record 7,730 in the 2023/24 tax year, according to HMRC figures obtained by Plum through a Freedom of Information request. That was up from 5,070 in 2022/23. The report says the 25 largest ISA pots averaged £12 million, but the supplied material does not give their individual values or explain how much of the rise came from investment returns, contributions or other factors.
The number of people holding at least £1 million in an ISA reached 7,730 in the 2023/24 tax year, according to figures from HMRC obtained by savings and investment app Plum. The reported total was up from 5,070 in 2022/23, while the 25 largest ISA pots were said to be worth an average of £12 million.
The figures were disclosed in response to a Freedom of Information request submitted to HMRC by Plum and reported by MoneyWeek. The count refers to ISA holders whose accounts contained £1 million or more; it does not mean that all ISA investors experienced similar growth or hold comparable balances.
The reported number increased by more than 50% year on year, from 5,070 in the tax year before. MoneyWeek described patient investing as a driver of the growth. However, the information provided does not include a breakdown of the increase between investment performance, new contributions, transfers between accounts or other causes.
MoneyWeek also reported that the top 25 ISA pots averaged £12 million. That is an average for the largest accounts, not a typical ISA balance. The source material does not provide the individual values of those accounts, their owners, or the method used to calculate the average.
A Small Group Holds Very Large ISAs
The record count highlights how a tax-advantaged savings account can accumulate a substantial balance over time, but the headline figure concerns a small, high-balance group. It should not be read as evidence that the average ISA holder is close to millionaire status: the report gives no overall distribution of ISA balances or typical account value.
The comparison is relevant to savers because it shows the scale of wealth held in the largest reported ISA accounts. Yet the figures do not establish a route to reaching £1 million or predict future returns. Account outcomes can differ according to contributions, investment choices, time invested and market movements, and the supplied data does not quantify those factors for this group.
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How the Record Was Counted
An ISA, or Individual Savings Account, is a UK account through which eligible savings and investments receive tax-advantaged treatment under the applicable rules. The reported measure is the number of accounts or holders with at least £1 million in ISA savings, as described by MoneyWeek; the source extract does not clarify whether the count treats people with multiple accounts in a particular way.
The latest figure covers the 2023/24 tax year and was compared with 2022/23. Plum obtained the information from HMRC through an FOI request. The available report extract provides the two annual totals and the average value for the top 25 pots, but no longer historical series, methodology notes or detailed account-level data.
““Patient investing has driven the number of ISA millionaires” to a record high.”
— MoneyWeek
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What the Figures Do Not Explain
The published material does not break down why the count rose by more than 50% in one year. It does not show how much resulted from market gains, additional deposits, account transfers, or changes in the population covered by the data. The figures therefore establish the increase in the reported count, but not its causes.
Other details are also absent from the source extract, including how HMRC and Plum defined a millionaire for the calculation, whether the count refers to individuals or accounts where someone holds more than one ISA, and the range of values among the top 25 pots. No information is provided about the identity of account holders. The reported £12 million average is not accompanied by a date-specific valuation method or individual balances.
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Further HMRC Detail Would Clarify Trends
The next useful development would be publication of more detail alongside future annual figures: the counting method, the distribution of ISA balances and a breakdown of changes in the millionaire total. Those details could help readers distinguish account growth from movements in the number of people counted.
For now, the figures describe the 2023/24 tax year, rather than current ISA balances or a forecast. The supplied report does not state when HMRC will release comparable figures for a later tax year. Until then, the 7,730 total and the top-25 average should be treated as reported historical data, not a measure of what current ISA holders can expect.
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Key Questions
How many ISA millionaires were reported?
MoneyWeek reported 7,730 people with at least £1 million in an ISA for the 2023/24 tax year, based on figures HMRC supplied after a request from Plum.
How does that compare with the previous tax year?
The reported total was 5,070 in 2022/23. MoneyWeek said the 2023/24 figure represented an increase of more than 50%.
What was the average value of the 25 largest ISA pots?
The report put the average at £12 million. This applies to the 25 largest pots, not to ISA accounts generally.
Why did the number rise?
MoneyWeek attributed the growth to patient investing, but the supplied figures do not quantify the effects of investment performance, contributions, transfers or other factors separately.
Do the figures show what a typical ISA holder has?
No. The report gives the number of ISA millionaires and the average value of the top 25 pots, but it does not provide a typical balance or the full distribution of ISA savings.
Source: rss
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