The number of high-earning women in the UK has risen to a record 284,000, according to new analysis from Bowmore Wealth Group.
The figure, which covers the year to March 31, 2025, represents a 12% increase from 254,000 last year and means women now make up 26% of top taxpayers, up from 25% last year and 24% the year before.
The highest or “additional” income tax rate, currently set at 45%, applies to people earning more than £125,140 a year.
Bowmore said the figures reflected “encouraging progress” as more women reach senior positions in sectors such as law, accounting and financial services.
“It’s encouraging to see a record number of higher-earning women,” said Gill Millen, managing director at Bowmore Financial Planning.
“The growing proportion of women in management positions is clearly reflected in higher incomes.”
The milestone coincides with data showing that women now hold a record 43% of board roles in the FTSE 350, a significant increase from less than 10% a decade ago.
However, Bowmore’s analysis shows that women remain under-represented among the UK’s top earners and progress is stagnating among those earning more than £1 million a year.
While the number of men earning seven-figure salaries rose 9% to 2,500, the number of women remained unchanged at around 400 – meaning women now make up just 14% of the group, up from 15% last year.
“Unfortunately, the progress that has been made in getting more women into the top tax bracket does not yet extend to the top tax bracket,” Millen said.
“This suggests that there are still barriers preventing women from gaining access to the highest-paying leadership positions and ownership interests.”
Experts suspect that the gender imbalance at the highest income levels reflects structural differences in access to leadership positions, partnership models and equity investments – particularly in financial and professional services.
While more women are moving into leadership and directorships, bonus structures, capital allocations and profit-sharing mechanisms still heavily favor male colleagues.
Millen added that this trend highlights the importance of financial planning and investment skills among women as their earning power grows.
“As more women earn more, the need for smart and informed investing becomes more important,” she said.
“It’s not just about building wealth, but also about ensuring long-term financial security, a comfortable retirement and multi-generational planning.”
Bowmore’s research also shows that women are still less likely than men to seek professional financial advice, even as their income increases.
“Research shows that women are less likely to work with advisors, in part because the financial services industry remains male-dominated,” Millen said.
“As more women earn well, ensuring access to inclusive, trustworthy financial advice is more important than ever.”
