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The number of people with at least £1 million in an ISA reached 7,730 in the 2023/24 tax year, according to HMRC figures disclosed through a Freedom of Information request. That was up from 5,070 in 2022/23; the report also says the 25 largest ISA pots averaged about £12 million.
The number of people holding at least £1 million in an ISA reached a record 7,730 in the 2023/24 tax year, according to HMRC figures obtained by investment app Plum. That was more than 50% above the 5,070 recorded in 2022/23, while the 25 largest ISA pots were reported to average about £12 million.
The figures were disclosed after Plum submitted a Freedom of Information request to HMRC. The count covers people whose ISA holdings were worth £1 million or more in the relevant tax year. It does not mean that every account holder had newly crossed the threshold during 2023/24; the supplied figures are a count of million-pound ISA holdings for each year.
The reported total rose by 2,660 people, from 5,070 in 2022/23 to 7,730 in 2023/24. The source describes this as an increase of more than 50%. It also reports that the top 25 ISA pots averaged £12 million, although the underlying breakdown and individual account values are not provided in the supplied material.
MoneyWeek’s report characterises the growth as the result of patient investing. That is an interpretation of the figures rather than a demonstrated explanation: the available material does not separate the effects of contributions, investment performance, transfers or other changes in account values.
A Growing Group of Seven-Figure ISA Holders
The record count highlights the scale of wealth accumulated inside ISAs, where qualifying investment gains and income are sheltered from UK tax. The figures may interest savers comparing long-term investment outcomes, but they describe a small group at the upper end of account values and do not show typical ISA balances or the experience of most account holders.
The increase also does not establish that the ISA millionaire population expanded solely because markets performed well. Without detail on individual accounts and how their balances changed, it is not possible to tell how much came from investment returns, continued contributions, transfers between providers or other factors. The result is a useful snapshot of high-value ISA holdings, not evidence that a particular investment approach will produce the same outcome for others.
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How the Annual Count Changed
The reported figures compare two consecutive tax years: 5,070 ISA millionaires in 2022/23 and 7,730 in 2023/24. The threshold is £1 million held in ISAs. The source identifies HMRC as the origin of the figures and says they were released in response to Plum’s FOI request.
ISAs allow eligible savings and investments to be held within a tax-advantaged account, subject to the rules in force. The supplied report gives no detailed account history, such as how long the people counted had held ISAs, what types of investments their accounts contained, or whether the figures include multiple accounts held by one person. Those details would be needed to explain the increase more fully.
The headline’s reference to the largest pots is a separate measure from the total number of millionaires. The reported £12 million average for the top 25 describes only the highest-value group; it should not be read as an average ISA balance across all holders or across the 7,730 people.
“The number of ISA millionaires reached a record high of 7,730 in the latest tax year.”
— MoneyWeek report, citing HMRC figures obtained by Plum
high net worth ISA management tools
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What the Figures Do Not Explain
The material provided does not include HMRC’s full response or a detailed methodology. It is therefore unclear whether the count represents individual people, accounts, or another reporting measure, and whether people with more than one ISA are counted once or more than once. The headline refers to ISA millionaires, but the underlying dataset would be needed to confirm those definitions.
The figures also do not show how many people newly passed the £1 million threshold, how many fell below it, or what account activity contributed to the year-on-year change. No breakdown is supplied by age, region, ISA type, investment mix or account provider. The reported average for the top 25 is not accompanied by individual values or a calculation method.
As a result, the record count is confirmed as the report’s account of HMRC data, while the reasons behind the rise and the precise profile of those counted remain unclear. The available information also does not show how the count has changed in tax years after 2023/24.
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Further HMRC Detail Would Clarify Trends
The next useful development would be publication of fuller HMRC data or methodology explaining how ISA millionaires are counted and how the total changed over time. Comparable figures for later tax years would show whether the 2023/24 record was followed by further growth or a reversal.
Until such information is available, readers should treat the figures as a historical snapshot of ISA holdings in 2023/24, not a current count or a forecast. The supplied report does not identify a scheduled HMRC release date for updated figures.
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Key Questions
How many ISA millionaires were reported in 2023/24?
The report says 7,730 people held at least £1 million in ISAs in the 2023/24 tax year, based on figures from HMRC obtained by Plum through a Freedom of Information request.
How does that compare with the previous tax year?
The reported total was 5,070 in 2022/23. The 2023/24 figure was therefore 2,660 higher, which the source describes as an increase of more than 50%.
What was the average value of the 25 largest ISA pots?
The headline report says the top 25 ISA pots averaged about £12 million. The supplied material does not provide the individual pot values or calculation details.
Does the increase prove that investing caused the rise?
No. MoneyWeek describes patient investing as the driver, but the figures supplied do not break down the effects of investment returns, contributions, transfers or other changes. The cause of the increase cannot be established from the reported counts alone.
Are these the latest ISA millionaire figures?
The figures cover the 2023/24 tax year. The source material does not provide a later count, so it does not establish the current number of ISA millionaires.
Source: rss
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