The number of people with ISAs worth more than £1 million has increased to more than 3,000, according to Freedom of Information data obtained by investment platform InvestEngine. The latest figures from HM Revenue & Customs show there are now 3,180 ISA millionaires in the UK.
The figures mean that a total of 253,000 people now have at least £250,000 in their ISAs, with a combined total value of at least £63 billion in their accounts. According to the latest HMRC figures, the total market value of ISAs in the UK is £725 billion, with approximately 22 million people now having an ISA account.
The findings come during October, which marks the midpoint of the tax year and the reset of ISA limits in April next year. InvestEngine is urging those who have savings set aside in low or no-interest accounts to consider putting them into ISAs now, where they can begin accruing returns that would be missed if left until the end of the financial year, while also shielding it from potential tax.
Andrew Prosser, Head of Investments at InvestEngine, said: “The number of ISA millionaires has increased significantly over the past few years, but we can be confident that most people with really big sums are stocks and shares rather than cash ISA holders.
“That is because, even someone who has put the maximum in a cash ISA every year since they were launched in 1999 would be at around £275,000 – a great sum, but well short of millionaire status.
“In contrast, more than 3,000 people have become millionaires through their stocks and shares ISA, and a further 30,000 have built up more than £500,000 for their futures.”
While HMRC data shows that cash ISAs are more than twice as popular as stocks and shares ISAs, the potential for growth is
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