Estimated Isa millionaires rise 52% to 7,730, HMRC data obtained by Plum shows
HMRC figures obtained by the money app Plum through a freedom of information request estimate 7,730 people held Isas worth £1m or more at April 2024, up from 5,070 a year earlier.
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The story, neutrally told
Mixed · 2The estimated number of Isa millionaires rose by more than 50% in a year to around 7,730, according to figures the money app Plum obtained from HM Revenue and Customs (HMRC) through a freedom of information request. Evening StandardN “The number of Isa millionaires has surged by more than 50% in a year – to reach around 7,730, according to figures obtained by a money app.” Read at Evening Standard ↗ City A.M.RC “reaching a record 7,730 according to an FOI request from financial app Plum to HMRC” Read at City A.M. ↗ Centre · 1HMRC said that at 5 April 2024 the estimated number of individuals with total Isa holdings of £1 million or more was 7,730, rounded to the nearest 10. Evening StandardN “HMRC said that, as at April 5 2024, the estimated number of individuals with total Isa holdings of £1 million or more was 7,730.” Read at Evening Standard ↗ Mixed · 2That is a rise of 2,660, or 52%, from the 5,070 HMRC previously recorded by April 2023; City A.M. described it as a record and the largest year-on-year increase since 2016. Evening StandardN “The figure marks a 52% jump – or 2,660 new members of the Isa millionaires club – compared with 5,070 Isa millionaires” Read at Evening Standard ↗ City A.M.RC “represented the largest year-on-year increase since 2016” Read at City A.M. ↗
Centre · 1The average Isa millionaire held a pot worth around £1,348,000 in April 2024, and the mean value of the top 25 holdings was £11,928,000. Evening StandardN “the average Isa millionaire was sitting on a pot worth around £1,348,000 in April 2024.”“The mean average market value of the top 25 Isa millionaire holdings was £11,928,000” Read at Evening Standard ↗ Centre · 1About 7,300 of the millionaires held between £1,000,000 and £1,999,999, while around 60 had pots of £4,000,000 or more, averaging £7,708,000. Evening StandardN “The majority of Isa millionaires, at around 7,300, were sitting on amounts worth £1,000,000 to £1,999,999 in April 2024.”“The average value of holdings among this group was £7,708,000.” Read at Evening Standard ↗ Centre · 1HMRC cautioned that the figures should be used as a "guide", because Isa managers supply individual-level data annually and each year a proportion enter records incorrectly or fail to submit. Evening StandardN “HMRC also cautioned that figures should be used as a “guide”” Read at Evening Standard ↗
Mixed · 2Will Bryant, director of wealth strategy at Plum, said the millionaires had not "suddenly saved" their way to £1m but benefited from years of patient investing and compounding, helped by global markets, led by the US stock market, continuing to climb despite geopolitical volatility. Evening StandardN “Highlightng the benefits of compound interest boosting pots over time” Read at Evening Standard ↗ City A.M.RC “Despite the geopolitical volatility of recent years, global markets powered by the U.S. stock market have continued to climb.” Read at City A.M. ↗ Mixed · 2City A.M. reports the rise as being in stocks and shares Isa millionaires, whereas the Evening Standard and HMRC's wording refer to total Isa holdings. City A.M.RC “The total number of stocks and shares ISA millionaires increased by more than 50 per cent in the 2023/24 tax year” Read at City A.M. ↗ Evening StandardN “total Isa holdings of £1 million or more was 7,730” Read at Evening Standard ↗ Centre · 1The annual cash Isa limit is due to fall from £20,000 to £12,000 for savers under 65 from April 2027, with the overall £20,000 Isa allowance unchanged and the cash allowance for those aged 65 and over staying at £20,000. Evening StandardN “In April 2027, the annual cash Isa limit will be slashed from £20,000 to £12,000 for savers aged under 65, although the overall annual Isa allowance will remain at £20,000.” Read at Evening Standard ↗
Mixed · 2Bryant said the changes may lead people to use more of their stocks and shares Isa allowance; he added that many people won't know what is changing, and he noted Isa pots are exempt from inheritance tax if passed to a spouse or civil partner as pensions come into the scope of IHT from April 2027. Evening StandardN “Many people simply won’t know what’s changing.” Read at Evening Standard ↗ City A.M.RC “ISA pots remain exempt from IHT if passed onto a spouse or civil partner.” Read at City A.M. ↗ Centre · 1Maike Currie of PensionBee said Isas are one of Britain's great savings success stories but that cutting the cash allowance and adding restrictions risks making a simple product unnecessarily complicated and undermining confidence in saving. Evening StandardN “risks making a simple product unnecessarily complicated, potentially undermining confidence at precisely the time we need more people saving and investing” Read at Evening Standard ↗ Mixed · 2HMRC figures released in September showed about £135.7 billion was subscribed to adult Isas in 2024-25, a £32.7 billion annual increase. Evening StandardN “around £135.7 billion was subscribed to adult Isas in the tax year 2024-25 – a £32.7 billion annual increase.” Read at Evening Standard ↗ City A.M.RC “showed around £135.7 billion was subscribed to adult ISAs in the tax year 2024/25” Read at City A.M. ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left0 outlets
No left outlet in our sources has covered this story yet.
Centre1 outlet
- Framing
- Evening Standard (Vicky Shaw) presents a data-led personal finance report, with HMRC's caveats and a PensionBee voice questioning the planned cash Isa cut.
- Emphasis
- Detailed breakdown of holdings bands, HMRC's data caveat, subscription figures and the cash Isa limit change.
- Leaves out or plays down
- Does not mention the inheritance tax angle or call the figure a record.
- Charged language
- “surge”“slashed”
- For example
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“HMRC also cautioned that figures should be used as a “guide”” — Evening Standard
“risks making a simple product unnecessarily complicated” — Evening Standard
Right1 outlet
- Framing
- City A.M. (Maisie Grice) leads on a record high and the top 25 pots averaging £11.9m, with an investing and tax-planning angle.
- Emphasis
- Record level, the largest rise since 2016, inheritance tax benefits and the stocks and shares Isa.
- Leaves out or plays down
- Does not report HMRC's caveat about data accuracy, the 7,300 band breakdown or a critical outside voice on the cash Isa cut.
- Charged language
- “surges”“savvy savers”“eye-watering”“plough their cash”“slashed”
What every side reports
- Plum obtained from HMRC via an FOI request an estimate of 7,730 Isa millionaires at April 2024, up from 5,070.
- The rise was 2,660, over 50%.
- Around 60 people held pots of about £4m or more and the top 25 averaged about £11.9m.
- The cash Isa limit is set to fall from £20,000 to £12,000 while the stocks and shares allowance stays at £20,000.
- HMRC figures showed about £135.7bn subscribed to adult Isas in 2024-25.
Where accounts differ
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What the 7,730 figure covers
- Centre
- Evening Standard: individuals with total Isa holdings of £1m or more.
- Right
- City A.M.: stocks and shares Isa millionaires.
Plum organisation
Plum, via Will Bryant, presents the rise as the result of long-term investing and compounding, and says the Isa reforms may push savers towards stocks and shares Isas.
““These figures underline the value of investing and the importance of taking a long-term approach.” — Evening Standard
““The ISA reforms may lead people to use more of their stocks & shares ISA to make full use of their tax-free allowance.”” — City A.M.
Left0 articles
No coverage yet.
Centre1 article
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Surge in Isa millionaires as estimated total reaches 7,730
Neutral Detailed, data-focused report with HMRC caveat and a critical comment on the cash Isa cut.
Right1 article
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Number of ISA millionaires surges to record high with 25 people holding pots worth £12m
Celebratory Frames the rise as a record and as success for investors, adding the inheritance tax angle.
- 13 Oct 09:52 First Evening StandardN Surge in Isa millionaires as estimated total reaches 7,730
- 13 Oct 15:06 +5h 13m City A.M.RC Number of ISA millionaires surges to record high with 25 people holding pots worth £12m
Times are when each article was published, or when we first saw it if the outlet gave no time.
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