HMRC data shows thousands close to becoming ISA millionaires

New figures show more than 2,700 investors were “within touching distance” of ISA millionaire status in 2022-23 – and strong market gains since then mean many are likely to have now crossed the seven-figure mark.

Data obtained from HM Revenue and Customs via a Freedom of Information request shows around 5,070 people had Individual Savings Account (ISA) pots worth £1 million or more by April 2023.

But that may only tell part of the story.

Further breakdowns requested by investment app Plum reveal:

• 1,240 ISA holders had between £950,000 and £999,999
• 1,530 investors held between £900,000 and £949,999
• 4,700 savers had pots worth £800,000 to £899,999

With stock markets rising in recent years, many of those investors may now have exceeded £1 million.

Nearly 60,000 savers above £500,000

The HMRC data also shows 59,970 ISA holders had balances between £500,000 and £999,999 in 2022-23.

Plum said a significant proportion of these investors could realistically join “millionaires’ row” within the next decade — assuming they remain invested and benefit from compounded growth.

Rajan Lakhani of Plum said: “Few people could ever have imagined that when the ISA launched, it would one day be creating tens of thousands of millionaires.”

The milestone highlights the power of long-term investing.

Figures released in December by The National Lottery showed that since its launch in 1994, more than 7,700 millionaires have been created. It previously said 365 millionaires were made in 2025 alone.

But financial experts say investing offers something different: control.

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.

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.”

With the end of the tax year approaching, Currie said the figures are a reminder to use annual ISA and pension allowances before they reset.

“You don’t need luck – you need time, discipline and the decision to start,” she added.

For tens of thousands of investors already sitting on six-figure ISA balances, the leap to seven figures may be closer than they think.

And for everyone else, the message from experts is clear: while lottery wins grab headlines, steady long-term investing may be quietly building far more millionaires in the background.