Thousands of investors were “within touching distance” of being Isa millionaires in 2023, according to a money app, with many likely to have now surpassed this milestone to add to more than 5,000 million pound Isa savers.
Plum obtained the figures following a freedom of information request (FOI) to HM Revenue and Customs.
HMRC has said around 5,070 people had Isa pots worth £1 million-plus by April 2023.
Responding to a further FOI request from Plum, HMRC said 1,240 Isa holders had pots worth £950,000 to £999,999 in the year 2022-23 and 1,530 had pots worth £900,000 to £949,999. Some 4,700 Isa holders had pots valued at £800,000 to £899,999.
Plum said the lag in the figures and stock market gains in recent years means that many pots will have smashed through the seven-figure milestone, adding to the 5,000-plus people who were already Isa millionaires in 2023.
Looking further into the HMRC data, Plum also found 59,970 Isa holders were sitting on pots worth between £500,000 and £999,999 in 2022-23.
Plum said many of these investors could be expected to join “millionaires’ row” within the next decade, assuming they remained invested and achieve certain levels of compounded investment growth.
Rajan Lakhani from Plum said: “Few people could ever have imagined that when the Isa launched, it would one day be creating tens of thousands of millionaires.”
Figures released in December by National Lottery operators showed that since the National Lottery launched in 1994, more than 7,700 millionaires had been created. The National Lottery said previously that it created 365 millionaires in 2025.
Maike Currie, vice president of personal finance at PensionBee, said: “What these figures tell us is the power of compounding and the importance of control – you can’t plan to win the Lottery, but you can plan to invest.
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
Go to website
ADVERTISEMENT
Get a free fractional share worth up to £100.
Capital at risk.
Terms and conditions apply.
Go to website
ADVERTISEMENT
“Not everyone will win the Lotto – most won’t.
“Likewise, not everyone will be born into wealth, marry it or receive a life-changing inheritance.
“But investing is within the reach of ordinary earners and Isas are one of the most powerful tools we have to democratise that opportunity.
“As the end of the tax year approaches, it’s a timely reminder to use your annual Isa and pension allowances.
“You don’t need luck – you need time, discipline and the decision to start.”