Featured by This is Money and IFA Magazine, new research from Bowmore Financial Planning estimates that 33,700 people across the UK had seven-figure sums sitting in bank or building society accounts in 2025, based on analysis of HM Revenue and Customs data*.
The data points to a significant number of wealthy individuals keeping substantial amounts in cash, at a time when inflation poses a quiet but persistent threat to the purchasing power of those savings. Bowmore's analysis of MSCI World Index data shows that global equities produced average annual returns of 12.9% over the decade to 29 May 2026, a figure that stands in stark contrast to the 2.18% average annual return on one-year fixed rate cash ISAs over the same period.
Cash has its place, particularly for short-term needs and maintaining financial flexibility, but Bowmore's research raises questions about whether many savers have the right balance between security and long-term growth.
Mark Incledon, CEO of Bowmore Wealth Group commented that the sharp rise in the number of people holding seven-figure sums in cash suggests many investors are prioritising safety over long-term growth. While that can feel comfortable, it can come with a hidden cost if inflation outpaces cash returns.
Concerns about short-term market movements are a common reason why some savers choose to remain in cash rather than explore other options.
Mark Incledon added: "Many people understandably worry about investing because they focus on short-term market movements.”
“If you’re unsure about investing, seeking professional advice can help you understand the options available and build a strategy that matches your goals and appetite for risk.”
*The calculation is based on the number of people declaring at least £50,000 a year in interest from bank or building society accounts.
This is Money: More than 33,000 Britons have at least £1million in their savings account
Bowmore Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority.
The value of your investments can go down as well as up, so you could get back less than you invested.
Past performance is not a guide to future performance.
The tax treatment of certain products depends on the individual circumstances of each client and may be subject to change in future.
Bowmore Asset Management Ltd is authorised and regulated by the Financial Conduct Authority.