Record Number of Young UK Taxpayers Now Earning £1m+ Annually

HMRC data shows wealthy young taxpayers generated a combined income of £3bn in 2024/25

The number of UK taxpayers aged 30 or under earning at least £1 million a year has reached a record high of 1,000, according to new analysis from Lubbock Fine, the London-based chartered accountants and business advisers.

HMRC data obtained by Lubbock Fine shows an 11% rise in young million-pound earners in 2024/25, up from 900 the previous year — itself a record. This group of wealthy young taxpayers collectively earned over £3bn, marking a 5.9% uplift year-on-year.

Across all age groups, the number of UK taxpayers earning £1m+ rose from 29,600 to 31,000, with total income for this ultra‑high‑earning population climbing to £89.1bn in 2024/25.

Volatile careers driving need for early financial education

Andrew Tricker, Director at Lubbock Fine Wealth Management, warns that despite the rise in young high earners, many work in sectors with unpredictable or short‑lived earning windows — such as professional sport, music, entertainment and social media.

He explains: “Unless young high earners save a very high proportion of their income, they risk a sudden drop in their standard of living as they enter their 40s. This is why the Government’s decision to expand financial education in schools is so important.”

The UK continues to lag behind other developed nations when it comes to financial literacy:

Just under one-third of UK adults are financially literate
Compared with 49.8% in Canada and 55.6% in Hong Kong
39% of UK adults — around 20.3 million people — do not feel confident managing money

Andrew notes that while some Premier League academies offer limited financial training, this support often disappears once players transfer or retire. Other fast‑growing industries — including social media content creation — typically offer no structured financial advice at all.

Saving early is crucial for young stars and influencers

Career earnings for professional athletes peak in their late 20s, before declining sharply on retirement. Influencers and content creators face similar instability due to rapidly shifting platform algorithms and short career lifecycles.

Russell Rich, Partner and Head of Sports & Entertainment at Lubbock Fine, says “Footballers, boxers and sportspeople often live beyond their means after retirement, which leads to financial problems very quickly. Many people in the arts and social media also struggle with saving and investing the money they make.”

He adds that young high earners need structured advice covering:

Income maximisation strategies
Risk and insurance planning
Long‑term estate and tax planning
Preparing for property purchases, marriage, and major life events

Russell explains: “It’s great to see more young people generating significant wealth but they must plan properly to ensure it’s not a case of ‘here today, gone tomorrow’.”

Why young millionaires are increasing in the UK

Lubbock Fine attributes the rise in young £1m+ earners to:

Larger commercial deals for sports, music and media stars
High salaries in technology and financial services
The rapid expansion of the UK’s creator economy
A surge in social media advertising spend

UK advertiser spending on social media tripled between 2019 and 2024, reaching £917m, and is expected to exceed £1bn this year — more than cinema, radio or magazine advertising.

How can we help

At Lubbock Fine, our Sports & Entertainment team, together with Lubbock Fine Wealth Management, support young high earners whose income can rise and fall quickly. We help clients understand their finances, save effectively and make informed decisions so their wealth lasts well beyond their peak earning years.

From straightforward tax planning and long‑term financial guidance to investment support and protection strategies, our specialists ensure that athletes, entertainers and creators have the structure and advice they need to build financial security for the future.