Thousands of investors were “within touching distance” of becoming Isa millionaires in 2023, according to data from money app Plum, obtained via a freedom of information request to HM Revenue and Customs (HMRC).
HMRC figures show that around 5,070 people had Isa pots worth £1 million or more by April 2023. Additionally, 1,240 Isa holders had pots valued between £950,000 and £999,999 in the 2022-23 tax year, while 1,530 had pots worth £900,000 to £949,999. A further 4,700 Isa holders had pots between £800,000 and £899,999.
Plum noted that due to the lag in the figures and stock market gains in recent years, many of these pots are likely to have now surpassed the £1 million milestone, adding to the existing cohort of over 5,000 Isa millionaires. The app also found that 59,970 Isa holders had pots worth between £500,000 and £999,999 in 2022-23.
Rajan Lakhani from Plum commented: “Few people could ever have imagined that when the Isa launched, it would one day be creating tens of thousands of millionaires.” Maike Currie, vice president of personal finance at PensionBee, highlighted the power of compounding and the importance of investing, stating: “You don’t need luck – you need time, discipline and the decision to start.”
