Rise in young millionaires credited to 'power of startup generation'
A rise in young UK millionaires is being credited in part to the growing band of emerging entrepreneurs launching startups from their bedrooms.
According to Revenue & Customs figures, the number of young millionaires in the UK rose 6 per cent in the last year, with 340 people under 30 having an income of more than £1m a year.
Coming against a backdrop of the overall number of taxpayers with an income above £1m falling by 4 per cent, the Sunday Times says the rise in young millionaires shows "the power of the startup generation".
The broadsheet said analysts believe the growth is being spurred in part by young people eschewing the traditional corporate routes in favour of forging their own lucrative careers in technology, app development and FinTech businesses.
Some of the most notable young British entrepreneurs to have profited in recent years include the Summly founder Nick D’Aloisio, who sold his news app to Yahoo for a reported £19m aged just 17, and Zoe Sugg, 25, who found fame and fortune with her YouTube persona Zoella.