Number of under 30s earning more than £1m up by a third over the last year

Some 400 under 30s have now achieved the milestone, according to figures compiled by financial advisory service Salisbury House Wealth, up from 300 in 2015.

Sky News reports that the number of over 30s earning more than the million-pound mark has also increased, jumping by 31 per cent over the last 12 months.

But the numbers show the demographic is way ahead of their younger counterparts – 14,800 people over 30 are earning an annual salary above £1m according to most recent figures.

Tim Holmes, managing director at Salisbury House Wealth, said: “There has been a rapid rise in the income of the under 30s.

“The trend in start-ups, as well as the monetisation of online media has had a significant influence on the earning potential of the under 30s.”

According to the company the highest earners under 30 may include entrepreneurs, City workers and athletes.

The number of under 30s who are falling into the higher tax bracket and therefore earning above £43,000 per year has also taken a leap, up by 52% compared to five years ago.

“Although for these individuals, success has come early on, it is unknown whether this will be reflective of their entire careers,” said Mr Holmes.

“Investing money carefully to ensure its longevity is key, as is making proper pensions provisions.”