The number of women in the UK earning more than £125,000 a year — the threshold for the top rate of income tax — has reached a record 284,000, according to new analysis from Bowmore Wealth Group. The figure represents a 12% increase from 254,000 the previous year, reflecting continued growth in female representation among higher earners.

Women now account for 26% of all additional-rate taxpayers, up from 25% last year and 24% the year before. The top rate of income tax, currently set at 45%, applies to individuals earning more than £125,140 annually. Bowmore notes that this rise highlights the growing number of women advancing into senior professional and leadership roles, particularly in fields such as law and financial services.

The trend aligns with broader progress in corporate leadership diversity, with women now holding 43% of board positions across FTSE 350 companies.

Gill Millen, Managing Director at Bowmore Financial Planning, said: “It’s encouraging to see record numbers of women moving into higher-earning brackets. Increased representation in senior and decision-making roles is beginning to show up in income data, which is a positive step forward.”

However, the report also points to a persistent gender gap at the very top of the income scale. The number of women earning more than £1 million a year remains unchanged at 400, while the number of male million-pound earners rose 9% to 2,500. As a result, women now represent just 14% of this group, down from 15% the previous year.

Millen added: “Progress in the higher tax bracket isn’t yet mirrored at the top end of the income spectrum. This suggests barriers remain around access to the highest-paid leadership roles and equity distribution within businesses.”

She also noted that as more women reach higher income levels, financial planning and wealth management become increasingly important:

“Supporting women with professional financial advice will be crucial in helping them plan for long-term security and intergenerational wealth. Historically, women have been less likely to seek financial advice, but that’s changing as incomes rise and the industry becomes more inclusive.”

While the data indicates encouraging upward momentum, Bowmore’s analysis concludes that closing the gap at the top will require continued focus on representation, equity, and access to senior financial rewards.