The number of high-earning women in the UK (ie earning over £125,000 pa/paying the top rate of income tax) has risen to a record high of 284,000 last year (year end March 31 2025), up 12% from 254,000* the year before, says Bowmore Wealth Group.
Women now make up 26% of top-rate taxpayers, up from 25% last year and 24% in the year before that. The top or ‘additional’ rate of income tax is 45%, applied to individuals earning more than £125,140 a year. Bowmore says the record number of women who are high earners shows that more women are reaching senior positions in the professions, such as law and financial services .
This increase comes as record numbers of women now sit on FTSE 350 company boards – 43% of board roles are now taken by women**.
Gill Millen, Managing Director at Bowmore Financial Planning, says: “It’s encouraging to see a record number of higher-earning women. Growing female representation in senior roles is showing up clearly in higher incomes.”
Sizeable gender gap remains at the very top
However, a sizeable gap remains at the very top of the income scale. Progress stalls when looking at those earning over £1m a year. While the number of male million-pound earners rose by 9% in the last year to 2,500, the number of women remained flat at 400, meaning women now make up just 14% of this group — down from 15% the previous year***.
Adds Gill Millen: “Unfortunately, the progress made with more women getting into the top tax bracket doesn’t seem to be reflected at the very top end with those earning a million pounds or more per year.”
“That suggests issues still exist when it comes to women accessing the highest-paid leadership roles and the distribution of shares in those businesses.”
“Change is happening though and with more women reach the highest tax bracket, the need for smart, well-informed investing becomes increasingly important. This will enable them to retire comfortably later in life and pass on wealth to their family.”
“Research suggests that women are less likely to seek professional advice than men, partly because the financial advice industry remains male dominated. As more women earn more, supporting them with financial guidance is more important than ever.”
Number of women earning over £125,140 and paying the ‘additional rate’ of income tax over the past five years
* Data provided exclusively by HMRC to Bowmore
**Department of Business and Trade, February 2025
***HMRC data, year-end March 31 2025
