Who wants to be an ISA millionaire? Here’s what it takes
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More investors than ever before are stepping into millionaire status using Stocks and Shares ISAs, according to new data released by HMRC.
There were 5,070 ISA millionaires at the end of the 2022-23 tax year, a Freedom of Information (FOI) request from investment platform InvestEngine revealed.
And today, ISA millionaires could outnumber lottery millionaires, a new study from Plum suggests.
But how long could it take to achieve ISA millionaire status? We’ve crunched the numbers to help you find out.
Become and ISA millionaire in under 20 years
It could take less than 20 years to become an ISA millionaire with a portfolio returning at least 9% each year.
For someone starting at the age of 20, this would make them an ISA millionaire by the age of 39 years old.
Why starting early helps
Starting investing as early as possible gives you the chance to benefit from compound growth. And offers the flexibility to make smaller contributions earlier on.
For instance, contributing £50 per month could still reach millionaire status within 56 years, so long as the portfolio provides at least a 9% return.
So, if you’re 20 years old, that would mean you could hit ISA millionaire status by the age of 76.
Contributions beat timing
While time in the market plays an important role, the level of contributions can drive returns further.
For instance, contributing £50 per month at a 9% return would take 56 years, while doubling the contribution to £100 reduces that time to around 48 years. That’s a 14% reduction.
Making a monthly contribution of £1,000 decreases the time it takes to become an ISA millionaire to just under 24 years.
That’s less than half the time it takes to become one if you contribute £50 per month.
The table below shows how the different contribution levels compare:
| Monthly Contribution | Years at 9% | Years at 7% | Years at 5% |
|---|---|---|---|
| £50 | 56.0 yrs | 68.3 yrs | 88.9 yrs |
| £100 | 48.3 yrs | 58.5 yrs | 75.2 yrs |
| £200 | 40.7 yrs | 48.8 yrs | 61.8 yrs |
| £500 | 30.9 yrs | 36.4 yrs | 44.8 yrs |
| £1,000 | 23.9 yrs | 27.5 yrs | 32.9 yrs |
| £20,000/year (£1,666/mo) | 19.0 yrs | 21.5 yrs | 25.1 yrs |
Source: Investing Insiders (2026)
Illustrative example only
Assumes no initial deposit, fees or withdrawals
Should I bother with lower contributions?
With investing, every little help and lower contributions could still get an individual to millionaire status.
Realistically, to see returns in their lifetime, a person would need to contribute at least £20 per month and receive a 9% return. This would take approximately 66 years.
| Monthly Contribution | Years at 9% | Years at 7% | Years at 5% |
|---|---|---|---|
| £5 | 81.6 yrs | 101.2 yrs | 134.8 yrs |
| £10 | 73.8 yrs | 91.3 yrs | 120.9 yrs |
| £20 | 66.1 yrs | 81.4 yrs | 107.1 yrs |
Use our ISA millionaire calculator to estimate how long it could take you to become one.
How to start investing
Whether you’re planning to start investing or looking for a new way to grow your wealth, these simple steps can help you get started:
Choose a provider
You’ll need to use an investment platform to get started. Shopping around is key to finding a suitable provider. Check out our best Stocks and Shares ISA guide for our pick of the best platforms.
Apply online
Most providers let you set up an account in minutes. You’ll just need your personal details, National Insurance Number and a debit card to make the first deposit.
Start investing
You can add up to £20,000 into an ISA each tax year. Setting up a direct debit can help you maximise your allowance.
Monitor the results
Keep an eye on how your portfolio performs to make sure it’s on track to achieve your financial goals.
For more tips, tools and calculators to help grow your wealth, check out our ISA hub.
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