The growth in high-earning millennials comes in contrast to the decrease in high-earning Baby Boomers. The figures show the number of baby boomer taxpayers declaring income of over £150,000 and over £1m has hit a five-year low.
In total, 6,000 baby boomers declared income over £1m in 2018/19, down from 7,000 the previous year and the lowest in five years.
Meanwhile, 120,000 baby boomers declared income over £150,000, down from 131,000 in 2017/18 and was again a five-year low.
Bowmore says this could be due to an “acceleration in the number of baby boomers retiring”.
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