While winning the jackpot on the popular games show “Who wants to be a millionaire?” is possible, it is also highly unlikely. Here we explore how consistent long-term investing through a Stocks and Shares ISA could provide a more sustainable approach to building wealth over time.
There’s no doubt about it: with a combination of great general knowledge, brilliant recall and a massive injection of luck, you just might find your financial fortunes transformed overnight on the long-running hit game show Who Wants to be a Millionaire?
But let’s be realistic about this. Since it first aired in September 1998 – hosted by Chris Tarrant with Jeremy Clarkson taking over in 2018 – almost 700 episodes have been screened and in that time, just six contestants have legitimately hit the jackpot¹. Your 15 minutes of fame might leave you with a proud granny, a fearsome arsenal of obscure facts and, if you made it through a few rounds, a decent chunk of cash to take home and celebrate with; but there are definitely more reliable ways to amass a small fortune.
Take, for example, regular investment into a tax-free Stocks and Shares ISA. These accounts were launched within months of Who Wants to be a Millionaire? in April 1999, and as the years have rolled by, a growing number of investors have seen their funds amass to seven figures. The latest HMRC data indicates there are more than 5,000 ISA millionaires in the UK².
Discipline pays
Of course, just as for the legendary game show, would-be winners have to take a disciplined approach to their investment.
First of all, they need to commit to putting away as much money as they can afford each tax year - ideally the full annual allowance, currently £20,000³ (though for many that’s a pretty tall order). Additionally, it’s important to reinvest any dividends rather than drawing them out; that means absolutely no phoning a friend (let alone asking the audience) to come and help spend those embryonic investment returns.
Importantly for ISA investors, not all investment options are equal, so doing your homework is as important as it is for prospective quiz contestants. Investors may wish to seek independent financial advice.
AIC ISA millionaires 2026 research
The Association of Investment Companies (AIC) has provided some food for thought with the publication of its annual list of investment trusts that would have made £1 million for investors who tucked away the full allowance each year since ISAs launched in 1999⁴.
Thus, out of around 300 investment trusts, 68 would have delivered millionaire status for shareholders over the 27-year period. It’s worth noting that from that shortlist, 11 are managed by J.P. Morgan Asset Management – more than any other asset manager.
Long-term winners
Interestingly, although the trusts achieving the largest returns over that time are mainly specialists – in technology, private equity, natural resources, biotechnology – and are therefore inherently more volatile, J.P. Morgan’s winners all have a comparatively broad global or regional equity focus.
The line-up includes two trusts investing in the turbo-charged US markets, with the JPMorgan American Investment Trust the top performer in the J.P. Morgan stable. However, most of those listed in the research concentrate on economies that have had a notably tougher time during much of the past 20 years. Seven of the 11 JPMorgan trusts have Japan, Europe, Asia, emerging markets or the UK in their sights. Several small companies trusts feature among them - perhaps unsurprisingly given the potential for mid and small caps to outperform the wider market over the long term.
The full list of J.P. Morgan trust that have earned a place on AIC’s 2026 “ISA millionaires” list are as follows:
- JPMorgan American Investment Trust
- JPMorgan European Discovery Trust
- JPMorgan Global Growth & Income
- JPMorgan UK Small Cap Growth & Income
- JPMorgan Emerging Markets Growth & Income
- JPMorgan European Growth & Income
- JPMorgan Asia Growth & Income
- The Mercantile Investment Trust
- JPMorgan US Smaller Companies Investment Trust
- JPMorgan India Growth & Income
- JPMorgan Japanese Investment Trust
For more information about the full range of J.P. Morgan investment trusts, including investment objectives, risks, and fees, visit the Investment Trust homepage.
Past performance is not a reliable indicator of future results. ISA T&C applies.
Take advantage of the tax year end
So what can wannabe millionaires take away from all this? Certainly not that the coming years are guaranteed to prove as lucrative for investors as the past 27 have been: past performance, as every sensible investor knows, is not a reliable indicator of future returns.
Nonetheless, as the old adage observes, you’ve got to be in it to win it, and that applies to stock markets just as clearly as to iconic TV game shows. So, with the end of the tax year heading rapidly down the line towards us, this is the time to take action: review your ISA allowance, look to the long term and plough spare cash into a robust fund with a strong track record.
If you haven’t done so already, why not take the opportunity to start investing regularly from your earnings each month? It’s a fine savings habit to get into, and remarkably painless once it’s up and running.
The bottom line is that investing steadily, year in, year out, into a well-managed equity trust with a broad remit and a focus on good-quality businesses bought at a sensible price is likely to stand most of us in better financial stead than any quiz show.