The most common and most likely answer to this crossword clue is the 5 letter word FEWER
I've seen this crossword clue in Financial Times
F
E
W
E
R
More clues leading to the result FEWER
- Not so many sheep kept by father
- If confidence low, the Exchequer ultimately produces not so many
- Not as many sheep in France
- Reduced numbers affect town’s referral centres
- Not so many following sheep, right?
- Less common to find female on vessel
- Not so many, we infer!
- Not as many as four walls housing Welsh female
- Not so many following you in the audience, right?
- Not so many in turmoil after change of heart
Buddy explains!

The straight part
We know that "Not as many" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case not as many = fewer.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.