Fintech entrepreneurs contributing to rise in young millionaires, figures show
Data from HM Revenue and Customs, that was provided to financial advice firm Salisbury House Wealth, has shown that the number of millionaires aged under 30 is rising in the UK, with fintech entrepreneurs among those who are contributing to the increase.
The figures showed a 33% rise in the number of people under 30 earning an annual income of more than £1m over the past year.
The figures come as entrepreneurship grows in popularity in the UK, with more millennials choosing to go down the route of starting up their own business.
The number of young millionaires in the UK reached 400 in 2015/16, up from 300 in the previous year. Technology was found to be one of the top sectors for growth in terms of millionaires under 30, particularly financial technology.
The data also showed a rise in millionaires over 30 in 2015/16, with 18,300 people earning over £1m, up from 14,700 in the previous year. However, the number of people aged under 30 that are earning £1m has increased at a faster rate.
Following the data from HMRC, Salisbury House Wealth highlighted the importance of pension and investment planning for young entrepreneurs earning a high income, with Salisbury House Wealth’s Managing Director Tim Holmes stating: “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.”