Around 29,000 wealthy individuals had incomes of at least £1 million in 2023–24 and were liable for around £34 billion of Income Tax in total. Within this population are taxpayers with very high incomes and wealth: around 10,000 taxpayers have annual incomes of at least £2 million, and 5,000 have assets of at least £50 million. The complexity and mobility of the very wealthiest means they carry a heightened risk, but HMRC has no particular focus on this group, and has not assessed the level of risk or the impact of its compliance activities for different income or wealth bands to understand whether it should particularly focus on the wealthiest individuals.15