UK sees rise in ISA millionaires as numbers reach 4850 in 2022

The number of "ISA millionaires" in the UK rose to 4,850 by the end of the 2022 financial year, up from 4,070 the previous year. This marks a 20% increase, according to HM Revenue and Customs data. On average, ISA millionaires held £1,351,000, with the top 25 averaging £8,880,000. However, HMRC cautioned that the figures may not be entirely accurate due to potential reporting errors by ISA managers. Experts suggest maximizing the annual ISA allowance of £20,000 and investing in diversified portfolios to achieve higher returns. Starting early and consistently saving a portion of income can significantly increase the chances of reaching £1 million over time.