Nearly 5,000 savers are 'Isa millionaires', according to HMRC figures

What is an Isa millionaire?

An Isa millionaire is someone who has saved over £1 million in an Individual Savings Account (Isa). Isas are a type of tax-free savings account that allow UK residents to save money in a variety of ways, including cash, stocks and shares, and property.

How many Isa millionaires are there in the UK?

According to the latest figures from HMRC, there are now nearly 5,000 Isa millionaires in the UK. This is a significant increase from the 3,000 Isa millionaires that were recorded in 2017.

Who are Isa millionaires?

Isa millionaires come from all walks of life. However, they tend to be older and have higher incomes than the average person. A 2018 study by the Centre for Economic and Business Research found that the average age of an Isa millionaire is 59, and the average income is £125,000. Isa millionaires have also tended to take advantage of the opportunity to maximise their savings by putting money away each tax-year since Isas were introduced in 1999.

How can I become an Isa millionaire?

There is no one-size-fits-all answer to this question, but there are a few things that you can do to increase your chances of becoming an Isa millionaire.

• Start saving as early as possible.
• Make the most of your Isa allowance each year.
• Invest your money in a diversified portfolio of assets.
• Be patient and don't give up.

Is it worth becoming an Isa millionaire?

Whether or not it is worth becoming an Isa millionaire is a personal decision. However, it is important to remember that Isas are a tax-free way to save money, and that they can help you to achieve your financial goals.