In 2023, more than 5,000 individuals had amassed ISA savings exceeding one million pounds, marking a remarkable milestone for UK investors. This insight comes from data obtained by money management app Plum through Freedom of Information requests to HM Revenue and Customs (HMRC).
According to HMRC figures, approximately 5,070 ISA holders had pots worth over £1 million by April 2023. Additionally, in the 2022-23 tax year, 1,240 savers held ISA balances between £950,000 and £999,999, and 1,530 had pots ranging from £900,000 to £949,999. A further 4,700 had investments valued between £800,000 and £899,999. Considering market growth and reporting delays, Plum suggests many of these investors likely surpassed the million-pound mark after these figures were recorded.
Delving deeper, HMRC data revealed that nearly 60,000 ISA holders had pots valued between £500,000 and £999,999 in 2022-23, indicating a strong pipeline of potential future millionaires. Plum forecasts that with consistent investment and compounded growth, many of these savers could join the millionaire ranks within the next decade.
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Rajan Lakhani from Plum commented, “Few could have foreseen that since its inception, the ISA would generate tens of thousands of millionaires.”
For perspective, the National Lottery has created over 7,700 millionaires since its 1994 launch, with 365 new millionaires added in 2025, showcasing the power of consistent investing compared to relying on chance.
Maike Currie, Vice President of Personal Finance at PensionBee, emphasized the significance of disciplined investing: “These figures highlight the power of compounding and control. Unlike the Lottery, investing is accessible to ordinary earners. ISAs remain one of the most effective ways to democratize wealth building.”
As the current tax year draws to a close, savers should remember that up to £20,000 can be contributed to ISAs annually, across cash and stocks & shares accounts. However, changes from 2027 will limit the cash ISA allowance to £12,000, though the total ISA limit stays at £20,000. The ISA allowance resets each tax year, so individuals have until April 5, 2026, to fully utilize their 2025-26 allowance before these new rules take effect.
With time running out, now is a crucial moment for investors to maximize their ISA contributions and benefit from tax-free growth while these allowances last.