"A record 1,000 taxpayers under 30 earned more than 1m last year, an 11% increase on the year before, HMRC records show. In total, these earners took home more than 3bn in the past year, making an average of 3m each. Lubbock Fine, the accountancy firm which obtained the figures from HMRC, suggested that the surge could partly be driven by influencers' income from marketing spend on social media platforms such as Instagram, TikTok and YouTube."
"The record increase may also be down to bigger pay deals for sports, music and media stars, as well as higher salaries in technology and financial services, the accountancy firm suggested. Under 30s now account for roughly 3% of all 1m+ earners and are thought to include Erling Haaland, the 25-year-old Manchester City striker who is estimated to earn 525,000 a week (about 27.3m a year)"
"But earning so much when you are young does not necessarily mean you will be wealthy for life, warned Russell Rich, head of sports and entertainment for Lubbock Fine. Footballers, boxers, and sports people generally tend to live beyond their means when they retire, he told the Times. People in the arts also do not tend to be good at saving and investing the money they make."
Record numbers of under-30 taxpayers earned more than 1m, with 1,000 crossing that threshold last year, an 11% rise. Collectively they took home over 3bn, averaging about 3m each. Influencer marketing income from platforms such as Instagram, TikTok and YouTube is a suggested driver, alongside larger pay deals in sports, music and media and higher salaries in technology and financial services. Under-30s now represent roughly 3% of all 1m+ earners and include high-profile sports and influencer figures. Overall 31,000 taxpayers earn 1m or more, a 1% annual increase. High early earnings do not guarantee lifelong wealth; many sports and arts professionals overspend and under-save.
Read at www.theguardian.com
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