Number of ISA millionaires has overtaken lottery millionaires, according to study

The number of ISA millionaires has surpassed the number of lottery-winning millionaires, according to a new study.

The National Lottery created around 7,700 millionaires by the end of last year, and analysts at the Plum investment app predict that number will rise to 8,100 in 2026.

Meanwhile, there were 5,070 ISA millionaires in April 2023 and another 7,470 investors with between £800,000 and £999,999 in their accounts, the latest HMRC data shows.

Plum experts expect significantly more of them will now have ISAs worth more than £1m, given stock market gains in the years since 2023.

The platform’s Rajan Lakhani told the Financial Times: “In all probability, there are well in excess of 10,000 ISA millionaires in the UK today.”

Stocks and shares ISAs have experienced three consecutive years of positive growth returns, with 11.22% growth in the average fund over the year to February alone.

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.”