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 – covering the year to 31 March 2025 – represents a 12% increase from 254,000 on the previous year and means women now make up 26% of top rate taxpayers, up from 25% the year before 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 per year.
Bowmore said the figures show “encouraging progress” as more women reach senior positions in fields such as law, accountancy and financial services.
“It is encouraging to see record numbers of high-income women,” said Gil Millen, managing director of Bowmore Financial Planning.
“Increasing female representation in senior roles is clearly reflected in higher earnings.”
The milestone coincides with figures that show women now hold a record 43% of FTSE 350 board positions, up from less than 10% a decade ago.
However, Bowmore's analysis shows that women are under-represented among Britain's highest earners, with progress among those earning more than £1 million a year stalling.
While the number of men earning seven-figure salaries rose 9% to 2,500, the number of women remained flat at around 400 – meaning women now make up just 14% of the group, down from 15% last year.
“Unfortunately, the progress made by getting more women into the top tax bracket has still not translated into the top tier,” Millen said.
“This shows that there are still barriers to women reaching the highest paid leadership roles and ownership stakes.”
Experts suggest that the gender imbalance at the highest income levels reflects structural inequalities 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 favor male counterparts.
Millan said this trend underscores the importance of financial planning and investment literacy among women as their earning power increases.
“As more women earn more, the need for smart, informed investing becomes increasingly important,” she said.
“It is not just about wealth accumulation, but ensuring long-term financial security, comfortable retirement and inter-generational planning.”
Bowmore's research also highlights that women are less likely than men to seek professional financial advice, even as their incomes rise.
“Research shows that women are less likely to work with advisors because the financial services industry is still so male-dominated,” Millen said.
“As more women become higher earners, it is more important than ever to ensure access to inclusive, trusted financial guidance.”
Amy Ingham
Amy is a newly qualified journalist specializing in business journalism with responsibility for news content at Business Matters, the UK's largest print and online source of current business news.
