That’s affect! Social media stars assist gas spike in under-30s who made no less than £1million final yr
Forget years of hard graft, the fastest way to a seven-figure salary is more likely to involve selfies – and a few million social media followers.
A record 1,000 taxpayers aged 30 or under earned at least £1million last year – an increase of 11 per cent from the year before – as youngsters turn to lucrative careers as influencers.
While the number includes footballers and pop stars, the uptick has been put down to a rise in social media creators cashing in through paid advertisements.
These top earners made the equivalent of an average of £3million each, according to accountancy firm Lubbock Fine, which analysed HMRC data.
Spending on social media adverts tripled between 2019 and 2024 and is predicted to top £1billion this year, according to research platform Statisa.
This dwarfs the amount spent on more traditional forms of advertising in the UK, including cinema, radio, or magazine ads.
Molly-Mae Hague – a 26-year-old former contestant on reality dating show Love Island who has since launched her own fashion brand – can reportedly earn up to £60,000 for every sponsored post on her social media platforms.
She has 8.8 million followers on her Instagram and has been paid by businesses including Starbucks and Beauty Works.
Her partner Tommy Fury – a professional boxer, 26, who appeared on Love Island with her – earns around £10,000 for just one post shared to his 5 million Instagram followers, it has been reported. It is not just big conglomerates paying influencers to flog their products.
Influencer Molly-Mae Hague (pictured) can reportedly earn up to £60,000 for every sponsored post on her social media
Molly-Mae’s partner Tommy Fury (left) earns around £10,000 for just one post
In December last year, it was revealed that the UK Government had spent just over half a million pounds paying social media influencers to promote their campaigns since 2024.
And as well as paid adverts, influencers can also earn big amounts through launching their own businesses or working on longer-term sponsorship contracts with brands.
Lubbock Fine said a leap in the number of affluent young taxpayers was also down to bigger deals for sports, music and media stars, plus higher salaries in technology and financial services.
Singer Dua Lipa – who turned 30 in August – was one of the youngest stars on last year’s Sunday Times Rich List of the wealthiest Britons under 40. She is worth around £115million.
Other famous British millionaires include Ben Francis, 32, who founded the sportswear retailer Gymshark and is now worth around £726 million.
But Lubbock Fine’s Russell Rich sounded a warning: ‘Footballers, boxers, sports people tend to live beyond their means when they retire, which means they build up problems very quickly.’
There are now 31,000 UK taxpayers who earn £1 million a year or more – 400 more than the year before. The combined earnings of this group are £89.1billion.
