A record-breaking cohort of young Britons is challenging stereotypes and capitalising on new economic frontiers, with HM Revenue & Customs records showing a landmark 1,000 taxpayers under the age of 30 earned over £1 million last year. This marks an 11% increase on the year before, with this group taking home more than £3 billion in total—averaging £3 million each—according to analysis by the accountancy firm Lubbock Fine.
A Demographic Outpacing the Rest
These young high earners now constitute roughly 3% of all individuals in the UK earning £1 million or more annually. Their growth is dramatically outstripping that of older cohorts; while the total number of million-pound taxpayers reached 31,000 last year, that figure rose by just 1%. The under-30 bracket has seen its numbers swell by 54% since the pandemic, when HMRC recorded only 650 young taxpayers in this income band.
Engines of the New Wealth
Lubbock Fine points to a confluence of factors driving this surge. A significant portion is attributed to the booming influencer economy, where marketing spend on platforms like Instagram, TikTok, and YouTube has tripled since the pandemic to £917 million and is predicted to exceed £1 billion this year. The firm also cites bigger pay deals for sports, music, and media stars, alongside elevated salaries in technology and financial services.
This analysis is bolstered by research from Bowmore Wealth Group, which identifies a sharp increase in pay for tech and fintech sector workers, a boom in millennial entrepreneurship, and lucrative roles in areas like private equity as key contributors to the rise of young high earners.
Profiles in Success
The data brings abstract figures to life, encompassing stars like Manchester City striker Erling Haaland. The 25-year-old is estimated to earn £525,000 per week, or about £27.3 million annually, with a reported contract worth $273,000,000 over ten years. In the influencer sphere, 26-year-old Molly-Mae Hague, a former Love Island contestant, is reported to command up to £60,000 per post, with more detailed data suggesting averages of £9,222 per Instagram post and £4,336 for TikTok content. Her net worth runs into the millions, bolstered by brand partnerships like a reported seven-figure deal with L’Oreal Paris and her own business ventures.
Another exemplar is 24-year-old makeup influencer and music artist Abby Roberts, who has 15 million followers on TikTok and reportedly earns £14,000 per post.
The Perils of Peak Earnings
Earning vast sums young does not, however, guarantee lifelong wealth, warns Russell Rich, Partner and Head of Sports and Entertainment at Lubbock Fine. “Footballers, boxers, and sports people generally tend to live beyond their means when they retire,” he told the Times. “People in the arts also do not tend to be good at saving and investing the money they make.” He highlights the temptation to spend on depreciating assets like supercars and the critical need for those in fields with short career spans, such as sports and media, to establish long-term financial plans early.
An Economy No Longer Just for the Young
The influencer phenomenon is also transforming earnings potential for older generations. Research from media analysts Ampere found the 55 to 64 age bracket delivered the highest growth in YouTube traffic, up 20% in the US and 14% in the UK since 2020. In the past year, TikTok saw a 16% rise in British users in that same age group. “We’ve been seeing this trend over the last few years where older audiences who have traditionally [focused on] linear and broadcast TV have been digitising,” Minal Modha, head of Ampere’s consumer research division, told the Guardian.
High-profile older influencers include Caroline Idiens, a 53-year-old personal trainer from Berkshire with 2.4 million Instagram followers, and 62-year-old Valerie Mackay, who posts about her life as @embracingfifty. Nevertheless, their reach still trails that of the most successful young creators like Abby Roberts.
The Scale and Shape of the Influencer Market
The UK’s influencer marketing market is substantial, valued at £2.9 billion in 2026, with advertising spend projected to reach £1.3 billion by 2029; the global market is expected to hit $34.1 billion in 2026. Instagram remains the dominant platform for UK brands, used by 92%, followed by TikTok (80%) and YouTube (59%). Notably, UK marketers show a strong preference for micro-influencers with 10,000 to 100,000 followers, with 93% collaborating with them, citing authenticity and engagement as key drivers.
The Wider Taxpayer Landscape
Against this backdrop of new wealth creation, HMRC oversees a growing population of affluent individuals, with around 29,000 having incomes of at least £1 million in the 2023-24 tax year. The number of “additional rate” taxpayers—those paying the top 45% rate—has surged by 163% over the last five years, reaching 1.14 million in the 2024-25 tax year, a rise attributed in part to “fiscal drag” where tax thresholds remain static while incomes rise.
