The number of UK-based people under 30 earning over £1 million a year has risen by 33 percent to 400 in 2015/16, according to the most recent data provided by HMRC to Salisbury House Wealth, a financial advisory firm.
This significant increase is partly due to the rise of entrepreneurship among millennials, as many of those earning over £1 million are successful start-up entrepreneurs, particularly in technology, fintech and social media.
Over the same period, there were 18,300 people over 30 earning more than £1 million, which is nearly a quarter increasing from the 14,700 in the previous year. Although this suggests that the majority of wealth creation continues to be among those in the higher age brackets, the number of young millionaires has risen at a faster rate.
With the increase in millennial millionaires, Salisbury House Wealth highlights the importance of pension and investments planning to ensure the longevity of their wealth.
Tim Holmes, managing director at Salisbury House Wealth, commented: “An increasingly strong culture of entrepreneurship among young people is ramping up the numbers of young millionaires.
“Many of these under 30 millionaires are entrepreneurs, sportspeople and entertainers. The nature of their work means that such a steady high income may not last forever. Planning for the future is particularly vital for those high earners whose income is likely to be somewhat volatile, for example professional footballers or other sportsmen.
“Financial advice can ensure that individuals with high incomes make the best financial decisions for their future, choosing the right savings and investment solutions available on the market.”
Based in Leicester, Salisbury House Wealth offers specialist professional advice to high net worth and mass affluent individuals on a range of financial products.
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