But 11 times more men still earn landmark figure or higher
The number of women declaring an income of £1 million or more in the UK has risen from 700 to 900 in the past 12 months – an increase of 29% – according to figures compiled by Radius Equity.
Despite the increase, the number of men earning the same amount is still significantly higher at 10,200. However, the proportion of men with a £1 million income has only risen by 10% across the past year – 19 percentage points lower than the growth rate for women.
Women have also outstripped their make counterparts in terms of moving into the highest tax bracket across the past 12 months. The number of women in this category increased by 17% in 2013/14 – up to 1.21 million.
For men the total reached 3.18 million in 2013/14 – but only increased by 13% across the same period.
Radius Equity director Gary Robins said he was encouraged “to see the number of top earning women expanding so quickly”.
“The fact that this is for both higher rate tax payers and those with an income of £1m highlights the growing success of all UK businesswomen, not just the elite”, he added.
“However, there’s a long way to go to close what remains a significant gender divide when it comes to wealth creation.”