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The number of people with at least £1 million in an ISA reached a reported record 7,730 in the 2023/24 tax year, according to HMRC figures obtained through a Freedom of Information request by Plum. That was up from 5,070 in 2022/23. The source headline also says the 25 largest pots averaged £12 million, but the supplied report extract does not provide detail on that calculation or the individual account values.
The number of UK ISA accounts holding at least £1 million reached a reported record 7,730 in the 2023/24 tax year, according to HMRC figures obtained by savings and investment app Plum. The count was 5,070 in 2022/23, a rise of more than 50%, and offers a snapshot of the growing number of large tax-free savings and investment pots.
The figures came from a Freedom of Information request submitted to HMRC by Plum, as reported by MoneyWeek. The threshold used in the report is at least £1 million held in an ISA. The figures describe the number of accounts or ISA millionaires identified in the HMRC data; the supplied report does not explain whether people with multiple qualifying accounts are counted once or more than once.
In the previous tax year, 5,070 ISA millionaires were reported. The difference between that figure and the 2023/24 total is 2,660. MoneyWeek characterises the rise as more than 50%. The report attributes the increase to patient investing, but the figures alone do not establish what caused each account balance to rise or how much came from investment returns, contributions, transfers or other factors.
The article headline says the top 25 ISA pots averaged £12 million. However, the source material supplied for this article does not include the underlying values, method or separate HMRC response supporting that average. It should be read as a figure reported in the headline, rather than as a detailed finding that can be independently assessed from the available extract.
Large ISA Balances Are Growing
The increase signals that more ISA holdings have crossed the £1 million mark, a notable development for a savings wrapper designed to shelter eligible returns from tax under UK rules. For readers, it shows the scale some balances can reach over time, but it is not evidence that a typical ISA saver is close to that level.
The reported count is a snapshot at a particular threshold, not a measure of average wealth or of the performance of all ISAs. Large pots may reflect long periods of saving and investing, but the source does not break down holders by age, contribution history, account type or investment performance. The figures should not be taken as a forecast or as a guide to what an individual investor will achieve.
The comparison also matters because the headline increase is substantial in percentage terms. Yet the source provides only two annual totals, not a longer series or an explanation of the forces behind the change. That limits what can be concluded about whether the rise represents a sustained trend or a one-year shift in reported account numbers.
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How The Annual Comparison Works
The report compares the 2023/24 tax year with 2022/23. It places the number of ISA millionaires at 7,730 in the more recent year and 5,070 in the prior one. The data were not presented in the supplied material as a live count; they relate to the completed tax years identified in the report.
ISAs are UK savings and investment accounts with tax treatment set by the relevant rules. The source uses “ISA millionaires” to mean those with £1 million or more in their ISAs. It does not set out a breakdown between cash ISAs and stocks and shares ISAs, nor does it explain how balances across different providers are treated in the count.
MoneyWeek’s account of the HMRC figures says patient investing drove the increase. That is the publication’s interpretation; the supplied data do not identify the specific contribution of investment growth, deposits, transfers or market movements. The headline’s £12 million average for the largest 25 pots is also not accompanied here by supporting detail.
“The number of ISA millionaires – those with £1 million or more held in their ISAs – reached a record 7,730 in the latest tax year.”
— MoneyWeek, reporting HMRC figures obtained by Plum
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What The Figures Do Not Show
The supplied report does not include HMRC’s full response, the detailed dataset or a methodology explaining how the totals were compiled. It is therefore unclear whether the count refers to unique individuals, accounts, or another reporting unit, and whether it includes balances held across multiple ISA providers.
The figures also do not show how much of the increase came from investment gains, new contributions, transfers, or changes in the accounts included in the data. Nor do they provide a breakdown by ISA type or holder characteristics. The claimed £12 million average for the top 25 cannot be checked from the information supplied because the underlying balances and calculation are absent.
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Further Detail Needed On ISA Counts
The reported figures cover the 2023/24 tax year; the source material does not identify a release date for a subsequent HMRC count or say when another annual comparison will be available. A fuller HMRC response or the underlying figures would help clarify how the count was assembled and how the top-25 average was calculated.
Until then, the confirmed information available in the report is the comparison of 7,730 ISA millionaires in 2023/24 with 5,070 in 2022/23. Any explanation of why the total rose, or predictions about future numbers, would require evidence beyond the figures provided.
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Key Questions
How many ISA millionaires were reported in 2023/24?
MoneyWeek reported 7,730, based on HMRC figures obtained by Plum through a Freedom of Information request. The report defines ISA millionaires as people or holdings with at least £1 million in an ISA, but the supplied extract does not clarify the counting unit.
How does that compare with the previous tax year?
The reported total was 5,070 in 2022/23. MoneyWeek said the 2023/24 figure represented an increase of more than 50%.
What does the report say about the largest ISA pots?
The article headline says the top 25 pots averaged £12 million. The supplied report extract does not provide the individual values or explain how that average was calculated.
Does the data show why the number increased?
No detailed explanation is included in the supplied figures. MoneyWeek attributes the rise to patient investing, but the data provided do not separate investment returns from contributions, transfers or other possible factors.
Does this mean a typical ISA holder has a million-pound balance?
No. The count covers holdings at or above the £1 million threshold and does not describe the typical ISA balance. The report provides no distribution or average for all ISA holders.
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