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  1. Wealth
March 25, 2024

Rise of the under-30 millionaires

There are 830 under-30s earning at least £1 million a year, according to HMRC data analysed by accountancy firm Lubbock Fine

By Stephanie Bridger-Linning

A record number of UK-based under-30s are earning more than £1 million a year, it has been reported. 

There are 830 under-30s earning at least £1 million a year, according to HMRC data analysed by accountancy firm Lubbock Fine and first published by The Times

This represents an increase of almost 28 per cent from pre-pandemic levels, when there were 650 under-30s taking home at least eight figures.

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The rise is due to the higher packages obtained by young stars in sports, music and media, Lubbock Fine claims. 

The average salary for Premier League footballers, the majority of whom are under 30, has reached £3.6 million a year. The highest earners take home far more. The most expensive player in the league under 30 is Manchester City star Erling Haaland, 23, who has an annual salary of £19.5 million. Raheem Sterling, 29, of Chelsea, is the second-highest earner at £16.9 million.

Other young millionaires on the Sunday Times Rich List include pop stars Dua Lipa, 28, and Niall Horan, 30, who have net worths of £70 million and £54 million, respectively.

However, these sums pale in comparison to the wealthiest under-30s – all of whom are self-made millionaires. 

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Entrepreneur Johnny Boufarhat, 28, built video-conferencing app Hopin a year before the pandemic. He cashed in shares worth £162.5 million last year. 

Another seriously successful 20-something is Christian Owens, 28, the co-founder of payments software firm Paddle, who is worth £101 million. Charlie Morgan, the 27-year-old co-founder of Au Vodka, is worth £55 million.

Russell Rich, the head of sports and entertainment at Lubbock Fine, warned young millionaires against the temptation to spend their fortunes too soon. 

‘For those enjoying high earning power at a young age, the temptation to spend excessively on rapidly depreciating assets like supercars may prove too great to resist,’ he said. ‘This will only leave them with much less to fall back on when it is time for them to retire.’

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