The number of female high-earners in the UK has reached an unprecedented level, as more women assume senior roles in the workplace. According to analysis from Bowmore Wealth Group, the number of high-earning women, defined as those earning over £125,000 and paying the top rate of income tax, increased by 12% to 284,000 from 254,000 the previous year.
Women are also increasingly likely to pay the top rate of income tax, now representing 26% of the total top-rate taxpayers in the UK. This trend reflects the growing number of women securing senior positions in high-paying professions, including the legal and financial services sectors, with 43% of FTSE 350 companies having women in board roles.
Gill Millen, Managing Director at Bowmore Financial Planning, commented: “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.”
Despite the increase in women paying larger sums of tax, a significant gender gap persists at the top of the wage scale. Men accounted for 86% of million-pound earners, rising to 2,500, while the number of women earning this amount remained steady at 400.
Millen noted the lack of progress highlights disparities in the distribution of company shares and equity, with most high-earners accumulating significant wealth through these means. She also emphasised the need to support women with financial guidance as they earn more, noting many women avoid seeking advice due to the male dominance in the field.
Research from Etoro indicates nearly 50% of women feel unrepresented in the industry and do not relate to those who publicly discuss it. Millen stated: “Change is happening though and with more women reaching 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.”
