The number of high-earning women in the UK has risen to a record 284,000, according to new analysis by Bowmore Wealth Group.
The figure — covering the year to 31 March 2025 — represents a 12% increase from 254,000 the previous year and means women now make up 26% of top-rate taxpayers, up from 25% last year and 24% the year before.
The top or ‘additional’ rate of income tax, currently set at 45%, applies to individuals earning more than £125,140 a year.
Bowmore said the figures reflected “encouraging progress” as more women reach senior positions across sectors such as law, accountancy, and financial services.
“It’s encouraging to see a record number of higher-earning women,” said Gill Millen, Managing Director at Bowmore Financial Planning.
“Growing female representation in senior roles is showing up clearly in higher incomes.”
The milestone coincides with data showing women now occupy a record 43% of FTSE 350 board positions, up sharply from less than 10% a decade ago.
However, Bowmore’s analysis reveals that women remain underrepresented among the UK’s very highest earners, with progress stagnating for those earning more than £1 million per year.
While the number of men earning seven-figure salaries rose by 9% to 2,500, the number of women remained flat at around 400 — meaning women now account for just 14% of the group, down from 15% the previous year.
“Unfortunately, the progress made with more women entering the top tax bracket doesn’t yet extend to the very top end,” Millen said.
“That suggests there are still barriers preventing women from accessing the highest-paid leadership roles and ownership stakes.”
Experts suggest that the gender imbalance at the highest income levels reflects structural disparities in leadership access, partnership models, and equity ownership — particularly in financial and professional services.
While more women are rising into C-suite and director-level roles, bonus structures, equity allocations and profit-sharing mechanisms still heavily favour male counterparts.
Millen added that the trend underscores the importance of financial planning and investment literacy among women as their earning power grows.
“As more women earn more, the need for smart, informed investing becomes increasingly important,” she said.
“It’s not just about wealth accumulation but ensuring long-term financial security, comfortable retirement and intergenerational planning.”
Bowmore’s research also highlights that women are still less likely than men to seek professional financial advice, even as their incomes rise.
“Research shows women are less likely to work with advisers, partly because the financial services industry remains male-dominated,” said Millen.
“As more women become high earners, ensuring access to inclusive, trusted financial guidance is more important than ever.”
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Number of women high earners hits record 284,000 – but gender gap widens at £1m+ level
