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The number of UK ISA holders with at least £1 million in their accounts reached a record 7,730 in the 2023/24 tax year, according to figures HMRC provided in response to a Freedom of Information request by Plum. That was up from 5,070 in 2022/23; the report says the 25 largest ISA pots averaged about £12 million, though the available source material does not provide further detail on those accounts or the drivers of the increase.
The figures were disclosed through a Freedom of Information request sent to HMRC by Plum, according to MoneyWeek. They count ISA holders whose accounts contained at least £1 million. The published report describes the 7,730 figure as a new high.
The reported year-on-year change is an increase of more than 50% from 5,070 in the prior tax year. MoneyWeek’s headline also reports an average value of £12 million for the top 25 pots. The source material does not give the individual balances, the full distribution of ISA values, or the method used to calculate that average.
MoneyWeek characterises patient investing as a driver of the increase. The figures establish the change in the number of accounts meeting the £1 million threshold, but the material provided does not break down how much came from investment returns, contributions, transfers, or other factors. The explanation should therefore be treated as the publication’s interpretation rather than a cause demonstrated by the count alone.
A growing group of ISA millionaires
The new count highlights how tax-advantaged investment accounts can accumulate substantial balances over time. For readers, the headline figure offers a snapshot of the upper end of UK ISA wealth, but it is not a measure of typical savings: 7,730 accounts above £1 million sit within a much broader population of ISA holders, whose balances are not described in the supplied figures.
The reported rise may also prompt questions about the role of long-term market performance and sustained investing. However, the figures do not show how much holders paid in, when their accounts began, or what investments they owned. They cannot establish that the same path or outcomes are available to other savers. The £12 million average for the largest 25 pots likewise describes only a very small top tier, not the experience of ISA investors generally.
As a result, the development is most useful as a measure of the expanding high-balance group, rather than as a forecast or a guide to expected returns. No investment outcome is assured, and past account growth does not guarantee future performance.
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How the record was reported
The figures relate to the 2023/24 UK tax year and were released through an FOI request made by Plum to HMRC. MoneyWeek reported the count alongside the previous year’s total of 5,070, providing the basis for the stated increase of more than half.
An ISA is a UK savings or investment account with tax advantages under the rules that apply to the account. The report concerns people whose ISA holdings reached the £1 million threshold; it does not say that every account in the count was invested in the same way, or that each person held only one ISA. The available source material gives no detailed breakdown by account type, age, location, or investment strategy.
The source also offers limited detail about the top 25 balances. Its headline says those pots averaged £12 million, but the provided report excerpt does not include the underlying HMRC response or explain whether the figure covers a particular ISA type. Those limits matter when interpreting the headline alongside the overall count.
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What the figures do not show
The supplied material does not include HMRC’s full response, the exact definition and counting method used for an ISA millionaire, or a breakdown of balances across the 7,730 holders. It is therefore unclear from this material whether the total represents individual people, accounts, or another HMRC reporting category, beyond the report’s description of people with £1 million or more in their ISAs.
The data also do not identify the reasons each balance crossed the threshold. Contributions, investment gains, transfers and the timing of deposits may all be relevant, but the source gives no figures assigning the increase to any of them. MoneyWeek’s reference to patient investing is not accompanied here by account-level evidence showing how much it explains.
Further details are also absent for the top 25: the source material does not list their individual pots, indicate the spread around the reported average, or explain the calculation. No subsequent tax-year count is included, so the figures do not establish whether the record has since been matched or surpassed.
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Awaiting the next HMRC count
The next comparable development would be a new HMRC tally for a later tax year, with the same threshold and a clear explanation of the counting basis. That would show whether the 2023/24 record was followed by further growth, a decline, or little change.
For now, readers should treat 7,730 and the £12 million top-25 average as figures reported from the FOI-based material described by MoneyWeek, not as a complete account of UK ISA wealth or a prediction of future returns. More detailed HMRC data or clarification from Plum could help explain the distribution and the factors behind the change.
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Key Questions
How many ISA millionaires were reported in 2023/24?
MoneyWeek reported 7,730 people with at least £1 million in ISAs, based on figures HMRC supplied in response to a Freedom of Information request by Plum.
How much did the number increase from the previous tax year?
The reported count rose from 5,070 in 2022/23 to 7,730 in 2023/24, an increase of more than 50% according to the report.
What was the average value of the 25 largest ISA pots?
MoneyWeek’s headline says the top 25 pots averaged £12 million. The source material provided does not include the individual balances or details of how that average was calculated.
Does the report show what caused the increase?
No detailed breakdown of the causes is included. The report describes patient investing as a driver, but the figures supplied do not separate investment returns from contributions, transfers, or other factors.
Source: rss
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