The pollster Lord Ashcroft has also pointed out UKIP came second in 118 seats.
Mr Farage said: "There was an earthquake in this election. It happened in Scotland, and I think what you saw were a lot of voters so scared of that Labour-SNP coalition that they shifted towards the Conservatives.
"But I saw another shift in this election and I saw UKIP, the party apparently for the retired old colonels, suddenly the party for people under 30, particularly young working women.
"There is a big change going on in politics, and what is really interesting, we've always believed that Britain needs to get back its democracy.
"We shouldn't be governed from Brussels, but what is interesting is what is happening within our democracy in this country.
"We have a party in Britain who have got 50% of the vote in one of the regions and almost 100% of the seats.
"And we have another party that scored almost as many votes, four million, as well as the European elections last year, that has finished up with one seat in parliament.
"I think the time has come from real, genuine, radical political reform, and it is UKIP who will be the party that leads it."
He added: "On a professional level, I express today a degree of disappointment.
"On a personal level I feel an enormous weight has been lifted from my shoulders. I've never felt happier."