Number of female high-earners hits record high
The number of female high-earners in the UK has hit a record high, as more women find themselves holding senior positions in the workplace.
According to analysis from Bowmore Wealth Group, the number of high-earning women, those who earn over £125,000 and pay the top rate of income tax, jumped by 12 per cent to 284,000 from 254,000 the year before.
Women are also steadily becoming more likely to pay the top rate of income tax, accounting for 26 per cent of the total top-rate taxpayers in the UK.
This reflects the number of women securing senior positions in high-paying professions, including in the legal and financial services sectors, with 43 per cent of FTSE 350 having women take on board roles.
Gill Millen, managing director at Bowmore Financial Planning, said: “It’s encouraging to see a record number of higher-earning women.
“Growing female representation in senior roles is showing up clearly in higher incomes.”
Gender gap remains
While women are paying larger sums of tax, a substantial gender gap remains at the top of the wage scale.
Men accounted for 86 per cent of million pound earners, jumping to 2,500, while the number of women earning this amount stayed flat at 400.
Millen noted the lack of progress suggests disparities in the distribution of company shares and equity, with the majority of high-earners gaining significant wealth from these options.
She also voiced the need to support women with financial guidance as they earn more, with many opting not to access advice due to the field being male dominated.
According to research from Etoro, nearly 50 per cent of women felt unrepresented in the industry and did not relate to those who publicly talked about it.
Millen said: “Change is happening though and with more women reaching the highest tax bracket, the need for smart well-informed investing becomes increasingly important.
“This will enable them to retire comfortably later in life and pass on wealth to their family.”