Saltus Wealth Index Report September 2026 The high net worth individual’s view of their position, prospects and potential...

Welcome to the Saltus Wealth Index Report. This our tenth edition. It’s a milestone more than a landmark. What we see is a continuation of the narrative of the past few years. Our respondents are finding the economic and political weather increasingly uncongenial, and their prognosis is increasingly gloomy.

Our intention has been to plot the ambitions, hopes and fears of the UK’s High Net Worth Individuals (HNWIs). In a world which is increasingly presented by politicians to voters as “have anything you want and somebody else will pay for it”, these are the people who are doing the paying. Their opinions matter, however, because not only do they stump up the tax that drives Government’s spending programmes, but they also produce the wealth through their hard work and creativity that will underpin the prosperity of future generations.

We have worked with Dr Michael Peacey from the University of Bristol to present the views of this audience in a single number: the Saltus Wealth Index. It has drifted down in the latest survey to 60.3 (from 61.3 six months ago). It is not the lowest it has been. That distinction goes to Liz Truss and her memorable budget, but the trend is clear. However, the brief moment of optimism that followed the election of Keir Starmer has evaporated.

So, we have (another) new Prime Minister, but the story is the same.

Increasing numbers of our respondents believe they pay too much tax. Moreover, they are fearful of what a Burnham budget will bring. They see growing problems with Britain’s schools and universities, which they care greatly about. They are supporting not only their children but, in many cases, also their parents, often at the expense of their own future, with many reducing pension contributions to do so.

It is no surprise that a fifth of HNWIs are now considering leaving the UK with 8% actually in the phase of active planning for this.

The bright spot is that they have retained some optimism relating to their own finances. This will in part be down to their careful handling of their money, but it is likely also to be a product of the performance of markets which have been pretty resilient so far, despite enduring quite a buffeting. If this indicator is indeed driven by market performance, then perhaps it too is a fragile one.

In effect, over the ten editions of the Saltus Wealth Index Report, the story has generally been more of the same in increasing quantities. Except in one respect.

That is technology. For the first time, we see AI having an impact on the way people manage their money. While a financial adviser is still seen by some distance as the most valuable and trusted source of assistance, increasingly HNWIs are turning to AI to drive their financial decision making, with these tools being used by more than 20% of our sample. We expect this to continue and grow, and it will be a theme of further reports.

As always, my thanks go to our partners at Censuswide, who deliver the survey, and Dr Peacey, who helps us interpret this valuable data. I hope you enjoy the report.

The Saltus Wealth Index synthesises some of the key information gathered from the questionnaire and provides a simple barometer of the subjective confidence and concerns that 2,000 UK high net worth individuals (HNWIs) have relating to the UK economy. The Index ranges between 0 and 100, with higher values describing higher confidence in (and fewer significant concerns with) the UK economy and personal finances.

The Index now stands at 60.3, a modest decline from the previous score of 61.3 in January 2026. While there have been some improvements in views about the tax burden and a reduction in the proportion citing inflation, interest rates, mortgage rates or high energy prices as significant risks to their wealth, these have been more than offset by falls in confidence in respondents’ own finances, confidence in the UK economy, and belief that London will remain Europe’s financial capital over the next decade. The Index remains above the low point of 58.2 recorded in January 2025, but is still below the average value since inception of 62.7. It is therefore perhaps better to describe the current position as one of erosion of confidence than either optimism or significant pessimism.

As we reach the 10th edition of the Saltus Wealth Index Report, it is interesting to consider how sentiment has changed over these five years. There is a clear distinction between confidence in one’s own financial position and confidence in the economic environment more generally. Confidence in the UK economy is now 56%, compared with 80% when the survey began, while confidence in personal finances is considerably stronger at 84%, compared with 91% at the start of the survey. This difference has become one of the most consistent features of the Index: HNWIs appear much more confident in their ability to manage their own financial position than they are in the prospects for the UK economy. However, it must be remembered that this has been a period of strong market performance, which may well have influenced respondents’ perceptions of their financial position.

Inspecting the data in more detail reveals some striking differences between groups. Age, for example, is an important factor in economic confidence. Among HNWIs aged 35-44, 70% are confident in the UK economy, compared with 32% of those aged 55-64 and just 15% of those aged 65 and over. It is a useful reminder that, even among people with significant wealth, economic conditions can be experienced quite differently at different stages of life or may be an indicator that older people have been here before, with prevailing economic weather having something in common with the 1970s.

54% of respondents now say that they pay about the right amount of tax (this is up from 49% in February, but is within the margins of error one might expect even in a survey of this size), but the research highlights concern about the future direction of tax policy. Further changes to pensions, Inheritance Tax and the ISA regime are among the policies causing most concern. Although unsurprising given that there have been several tweaks to these in recent years, it does demonstrate how much the tax environment has become part of the way HNWIs think about their financial planning.

These attitudes are, again, not uniform across HNWIs, with wealth (as well as other characteristics) influencing how people are responding to the changing tax environment. For example, the data suggest that wealthier HNWIs (those with net worth exceeding £5m) are more likely to consider actively restructuring their assets, business interests or estate planning in response to potential tax changes. This is perhaps unsurprising given the greater benefits and range of options available to those with more substantial wealth, but it highlights how concerns about tax policy can translate into very different responses across different groups.

The headline Index has moved up and down considerably since 2022, reflecting inflation, interest rates, political changes and wider economic events. But underneath that volatility there are some more persistent trends: lower confidence in the UK economy, relatively resilient confidence in personal finances, and a growing focus on taxation and the way wealth will be treated in the future. The 10th edition of the survey provides a useful reminder that HNWIs are not a homogenous group, and that headline measures of confidence can conceal quite significant differences in how people experience the economic and policy environment.

The latest Index of 60.3 suggests that sentiment remains cautious. HNWIs continue to feel relatively confident about their own financial position, but this confidence does not extend to the wider economic environment to the same degree. At the same time, new concerns about the future direction of tax and wealth policy are emerging. It will be interesting to see whether these concerns continue to weigh on sentiment in the next editions of the Index.

Losing faith in the country’s economic prospects

In the five years since we started tracking the confidence, concerns and changing priorities of Britain’s high net worth individuals, it is clear they are increasingly losing faith in the economic prospects of the UK. While their confidence in their own finances has remained relatively resilient, that must be put in the context of very strong performance from the markets, which so far have shrugged off the challenges they have faced.

The Index itself is broadly flat, having fallen slightly to 60.3 from 61.3 in the previous edition. Overall confidence in the UK economy is 56%, down slightly from 59% six months ago and 66% a year ago, and remains a long way below the 84% high recorded in August 2024, before the Labour Government’s first Budget.

This continuing decline reflects a shift in where HNWIs see the biggest threats to their wealth. Anxiety is increasingly focused on government fiscal policy. There is widespread concern about tax policy under the new Government, with HNWIs worried about every policy asked about in this research. Key concerns include additional changes to pensions (70%), a 10% death tax on estates (67%) and further changes to Inheritance Tax (67%). This has overtaken previous concerns relating to inflation and interest rates.

While confidence in their own personal finances has slipped to 84%, down slightly from 87% six months ago and 92% a year ago, it remains resilient in line with market performance, despite slipping confidence in the economy as a whole. Inflation (45%) and tax changes (40%) are still seen as the top two risks to wealth, but both have eased over the year, from 58% and 46% respectively, while geopolitical risk (32%) and energy prices (30%) now worry HNWIs more than interest rates.

The number of HNWIs who think about leaving the UK has risen from one in four (25%) 12 months ago to nearly one in three (30%) today, with 8% actively exploring it and 22% saying they might consider it in future. While 70% say they have no plans to move abroad, the fact that a sizeable minority of HNWIs are open to emigration demonstrates why confidence in the UK economy is so important.

There are two wider behaviours that stand out in this edition. The first is the speed at which AI has emerged as a source of financial guidance; it is now used by 23% of HNWIs, up from just 9% six months ago, making it a more common source of advice than friends or family. The second is the growing anxiety around VAT on school fees. Some 78% of affected parents have made or plan to make sacrifices to keep their children in private education, up from 68% six months ago, while 11% say they will be forced to pull their child out of private school altogether, consistent with the reported 9% in the previous survey.

Changes in the Saltus Wealth Index over time

The fall in economic confidence is slowing, but there is no recovery

HNWIs’ confidence in the UK economy has continued to fall, rather than rebound, with tax and government policy now increasingly shaping the outlook of respondents, overtaking the more familiar macroeconomic concerns such as inflation and interest rates.

Confidence in the UK economy stands at 56%, down slightly from 59% six months ago and 66% a year ago. Concern about tax and wealth policy is high, with a majority of HNWIs worried about every potential policy change covered in this report. Respondents are most concerned about further pension reforms (70%), the prospect of a 10% death tax on estates (67%) and potential Inheritance Tax (IHT) changes (67%), with changes to the ISA regime (66%) and the removal of the pension tax free lump sum (66%) close behind.

Concerning taxes, higher rates of Income Tax are seen as both the most unreasonably high tax (cited by 20% of respondents) and the tax doing most to hold back economic growth (15%). IHT comes second on being unreasonably high (13%) and, when asked about complexity it is seen as the most complicated part of the system (30%), ahead of Capital Gains Tax (CGT) (24%) and pension tax relief and allowances (20%).

Economic confidence vs personal finance confidence over the 10 editions

Economic confidence drops to 56%

Confidence in the UK economy has fallen from 66% to 56% over the past year. Just one in five (20%) HNWIs are now very confident, against 28% a year ago, while almost a quarter (23%) are unconfident, up from 19%.

However, the data show that confidence in the economy varies significantly by age. While three quarters (76%) of 25-34 year olds and 70% of 35-44 year olds are confident in the economy, that falls to just 32% of 55-64 year olds and only 15% of over 65s, most of whom (54%) are unconfident. Those HNWIs with the longest experience of the UK economy are the least sure of it.

The tax policies HNWIs fear most under the new Government

% of HNWIs ‘very concerned’ or ‘concerned’

Higher rate Income Tax seen as both the least fair tax and the biggest brake on growth

A growing number of HNWIs (43%) think they pay too much tax, up from 34% five years ago. Just over half (54%) say they pay the right amount, and 3% think they should pay more.

When asked which taxes they think are the most unfair, HNWIs point first to higher rates of Income Tax (20%), then IHT (13%), the basic rate of Income Tax (9%), CGT (9%), Council Tax (8%) and VAT (8%).

When it comes to complexity, the same taxes that are considered to be unfair are cited by respondents – IHT (30%), CGT (24%) and pension tax relief and allowances (20%) are seen as the most complicated parts of the system – and all three have seen significant policy change over the past three years.

In terms of the taxes they believe to be the greatest brake on growth, HNWIs cite the higher rates of Income Tax as having the biggest impact (15%) followed by the basic rate of Income Tax (12%), VAT (10%), Corporation Tax (10%) and Employer National Insurance (9%).

The most unreasonably high tax

% of HNWIs who see each single tax as the most unreasonably high

Share of HNWIs who think they pay too much tax

The most complicated areas of the tax system

% of HNWIs who see each tax as one of the three most complex

Majority still back London but faith it will remain Europe’s financial capital is slipping

Most HNWIs still have confidence in London, with more than six in ten (62%) believing it will remain Europe’s financial capital over the next decade. However, that is down from 73% a year ago, and almost a quarter (24%) now think it will not remain the centre of Europe’s financial web.

Belief that London will remain Europe’s financial capital

Confident about their own money, but tax and policy now outrank previous worries

In a period in which markets have been strong, HNWIs remain broadly confident about their own finances. However, the margin between those who are confident and those who are unconfident is narrowing and the nature of their concerns is changing, shifting decisively away from mortgages and interest rates and towards tax and government policy .

Confidence in personal finances stands at 84%, down slightly from 87% six months ago and 92% a year ago – but, overall, this 10th edition presents a broadly positive view.

Inflation (45%) and tax changes (40%) are still seen as the top two risks to wealth. AI is now used by 23% of HNWIs for financial guidance, more than two and a half times the level of six months ago (9%), and 22% trust it enough to act on it – though professional financial advice remains by far the leading and most trusted source (54%).

Gaps in estate planning persist, for example, fewer than half (47%) of HNWIs have a will – although the number with a will increases significantly with age.

HNWIs’ confidence in their own finances HNWIs’ confidence in their own finances

Legal and financial protections HNWIs have in place

% of HNWIs with each protection in place

Inflation still leads list of risks for HNWIs

Inflation remains the biggest risk to wealth, as cited by 45% of respondents, though this is down from 51% six months ago. Tax changes sit second at 40%, and third is geopolitical risk, up from 28% to 32%. Other key identified risks to wealth are energy prices, up from 27% to 30% and interest rates, although the number that cite it as a risk has dropped slightly from 30% to 28%.

When asked about their single biggest worry, and not just risks to their wealth, a financial concern still topped the list for HNWIs – the economy going into recession (13%). Health follows (11%), then rising taxes on property or investment income (9%) and future tax rises under the current Government (9%).

Biggest risks to personal wealth, according to HNWIs

HNWIs’ biggest worries

% of HNWIs who list each as their single biggest worry

HNWIs’ use of AI for financial advice has more than doubled in six months

Almost half (48%) of HNWIs consult a professional adviser, and this is still the leading source of guidance by some distance, followed by financial media (26%), search engines (24%) and AI tools (23%), then friends or family (19%) and social media (15%).

However, the jump in AI use is hugely significant. Six months ago, less than one in ten (9%) said they used AI for financial advice; this figure has now more than doubled to 23%. AI has already overtaken friends and family (19%) as a source of guidance, and almost a quarter (22%) say they would trust AI enough to act on its advice, again just ahead of friends and family, though the professional adviser remains the most trusted source by far (54%).

Sources HNWIs have used for financial decision making

IHT dominates estate anxiety

While the number of HNWIs who think Inheritance Tax should be abolished altogether is still significant at 26% (it was 30% six months ago), the vast majority would like changes to the current rules. Most think the IHT threshold should be increased: 20% want it to start between £500k-£1m and 17% want £325k-£500k. HNWIs put the fair starting point at around £1.2m, more than three times the £325k level, which is frozen until 2031.

Frozen thresholds and increasing property values have steadily pulled more estates into the IHT net, and with unspent pensions due to come into scope from 2027, IHT now shapes planning well beyond the wealthiest estates. The latest data in this report show that a quarter (25%) of HNWIs are now considering strategies to protect their pension from IHT, 22% say they would use trusts or other vehicles, and 19% are concerned the planned rule change will affect how they pass on their pension. Just 11% say they are not concerned about the impacts of IHT on their pension.

HNWIs’ opinions on Inheritance Tax thresholds

HNWIs expect to need £740k to retire comfortably

On average, HNWIs have a pension pot worth £608k but believe they will need considerably more – around £740k for a ‘comfortable’ retirement, increasing to £880k for a couple.

However, even that ‘ideal’ pot may fall short. Under the 4% rule, a pot of £740k would provide an income of £29,600 per year, which, even with the State Pension, comes to just over £42k – around £64,600 a year less than the £106,665 average income that respondents are currently living on.

This shortfall may explain why so many HNWIs are looking beyond their pensions, and specifically at property, to fund their retirement. Housing is expected to do much of the heavy lifting, with seven in ten (71%) planning to use housing wealth to fund at least some of their retirement. Respondents’ homes are worth just over £1m on average, and they expect the value built up in their homes to fund almost half (44%) of their retirement, while 3% expect their home to cover all of it, rising to 9% among those with homes worth £3m or more. Just under three in ten (29%) plan to use no housing wealth at all.

What HNWIs consider necessary for a ‘comfortable’ retirement

Money still means freedom for most HNWIs

Around a third (36%) of HNWIs agree their money makes them anxious, broadly flat over the past year. At the same time, 85% agree their money is a source of freedom. In the previous survey, 90% of respondents believed this to be true.

HNWIs still believe in private education, but increasingly question whether it is worth the money

The majority (62%) of HNWIs still believe private education delivers better long term outcomes than state education, but that confidence has softened across the board. Belief in the value of the networks private schooling provide is down from 72% to 66%, while the view that private schools offer better teaching has dropped from 69% to 61%. Confidence in the non academic benefits of private education has also fallen, from 68% to 62%.

The shift is even more pronounced when it comes to university. Belief in the value of a degree has fallen from 68% down to 57%. While a clear majority of HNW parents still think university degrees offer good value, when asked if they would rather use £50k (the approximate average university debt) to fund their child’s degree or invest in their future, six in ten (59%) said they would rather invest the money, either in an ISA or towards a property purchase, than spend it on university fees. Among those earning £250k or more, that rises to 71%.

Attitudes towards private education

VAT on school fees continues to reshape behaviour

The cost of private education keeps rising. According to the Independent Schools Council 2026 Census, the average cost of sending a child to private school ranges from £18,678 a year for day pupils to £44,940 for boarders – an average increase of 4.4% on last year, which was already up 6.7% on 2024/25. Wealth Index data paint a similar picture: parents say their annual school fees have risen from an average of £34k in 2024/25 to £38k in 2025/26 and £40k in 2026/27.

As the cost rises, HNW parents are continuing to adapt, and for some the sums no longer add up. Just three in ten (30%) affected parents say they haven’t had to make any changes. Among those who have made changes, 6% have moved their child from boarding to day attendance at the same school, 8% have moved their child to a cheaper private school and 8% have moved house to access a good state school. A further 8% have taken their child out of private education altogether and moved them into the state sector.

Even among those who have managed to keep their child in private education, the financial pressure is clear. Eight in ten (78%) have had to make sacrifices to do so, the most common being cutting holidays and big ticket spending (21%) as well as everyday spending (19%), followed by leaning on financial help from others (12%), taking a better paid or additional job (11%) and reducing pension contributions (10%).

Sacrifices made by HNW parents to keep their children in private school

% of HNWIs having made sacrifices in each area

The pressures on HNWIs are now forcing choices about mobility and family, not only lifestyle

The number of HNWIs who are either thinking about leaving the UK, or are actively in the process of doing so, has increased from 26% six months ago to 30% today. While this means that the majority are not looking to leave, three in ten represents a significant minority – and a clear sign that the UK’s wealthiest are increasingly questioning whether they want to remain here.

Family support continues, but regular support to adult children has eased, with 19% of respondents claiming they do this. And four in ten (42%) are concerned about the current or future value of their primary residence.

More HNWIs are weighing up leaving the country, with tax policy high on the list of reasons why

One in 12 (8%) of HNWIs say they are currently looking at whether it makes sense to leave the UK permanently within the next 12 months, while a further 22% could consider it in future – up from 14% six months ago.

The people thinking hardest about leaving are the younger and the wealthier. One in seven (14%) of under 25s say they are actively considering leaving, while a further 40% are considering it more widely; this is compared with fewer than one in ten (8%) of the over 65s.

The wealthiest HNWIs – those with a net worth of at least £5m – are the most likely to be thinking about leaving the UK, with 15% saying they are actively considering leaving the UK permanently within the year and 29% considering it more widely.

The primary reasons for considering leaving are personal (35%), financial (31%), political (19%) and cultural (15%), although tax is prominent across all categories. Further to those already considering leaving the UK, 18% said they would consider changing their tax residency, or moving abroad, if Capital Gains Tax was equalised with Income Tax.

Primary reasons for considering leaving the UK

Destination of choice for HNWIs permanently leaving the UK

HNWIs remain the family safety net, although increasingly they are feeling the pressure themselves

The number of HNWIs providing regular financial support to adult children has declined slightly to 19% (perhaps a product that there is less money to handout), while a quarter (26%) have given a one off lump sum in the past five years. However, while fewer are giving regular support, those who do are giving more: the average sum has risen to £6,449 from around £4,800.

That support mostly covers items such as holidays (35%), general living expenses (33%), a house deposit (24%), a car or transport (23%) and household bills (17%).

Support for the older family members is falling, however. The proportion of HNWIs providing regular financial support to parents has dropped from 26% to 16%, and from around 40% in early editions of this report. HNWIs are pulling back from subsidising their parents even as they keep funding their children.

HNWIs providing financial support to adult children

Reasons why HNWIs are providing this support

% of HNWIs having provided support in each area

How HNWIs are funding support for family members

% of HNWIs using each source of funding

Concern about the value of the family home is widespread

Four in ten (42%) HNWIs are concerned about the current or future value of their primary residence, with 12% very concerned. This worry might be linked to the fact that a large number of HNWIs are relying on the value of their home to fund at least part of their retirement.

Concern is highest in Scotland (52%), Wales (47%) and Greater London (45%). HM Land Registry figures show London is the only English region where prices are falling, down 2.5% in the year to June 2026 against a UK average of 2.0% growth. In Scotland (+2.3%) and Wales (+1.8%) prices are still rising – so concern there might be being shaped by something other than falling values, including devolved measures such as Scotland’s second home surcharge or Welsh council tax premiums of up to 300%.

HNWIs concerned about the value of their primary residence

What five years of high net worth sentiment tells us

1. Faith in the UK has fallen: Confidence in the economy has dropped from 80% in August 2021 to 56% today.
2. Faith in their own finances has not: Personal finance confidence has barely moved (91% to 84%), with strong performance in financial markets through this period maintaining this optimism.
3. One Budget did the most damage: The steepest single move in five years was economic confidence falling from 84% to 48% after the first Labour Budget (August 2024 to January 2025).
4. Tax came out of the shadows: The share of HNWIs saying they pay too much tax rose from 34% to a 49% peak, and tax changes as a risk to wealth climbed from barely registering to a permanent top two concern.
5. What the Government does next is the new worry: Under the new Government, a majority of HNWIs are worried about every wealth policy covered, led by further pension changes (70%), a 10% death tax on estates (67%) and further Inheritance Tax changes (67%). These concerns were barely on the radar five years ago but are now central to how HNWIs think about their wealth and future.
6. Leaving the UK has become a real consideration: This question was not included in the survey until 2024, but today one in 12 (8%) HNWIs are actively exploring it, and a further 22% could consider it in future.
7. AI arrived from nowhere: From an unmeasured category to 23% of HNWIs using it for financial guidance, up from 9% in six months.
8. School fee pressure keeps building: VAT on school fees has pushed 78% of affected parents into changes or sacrifices to keep their children in private education.
9. Inheritance Tax became a lightning rod: IHT is now seen as the most complicated part of the tax system (30%) and sits among the most feared policies under the new Government.
10. Some things do not change: The professional adviser is still the first and most trusted port of call, and HNWIs remain the family safety net – with the bank of mum and dad remaining a central part of how many HNW families support the next generation. Both are proof that beneath the turbulence, the fundamentals of managing wealth hold strong.

Five years on, while HNWIs’ confidence in their own finances has been relatively resilient, it has remained so in the context of strong performance in global financial markets. The confidence of this constituency in the UK economy, the tax system and the direction of government, however, has been in steady decline throughout this period.

• The research was conducted by Censuswide, among a sample of 2,001 UK respondents aged 18+ who have £250k+ investible assets. The data were collected between 04.08.2026 – 17.08.2026.
• Censuswide is a member of the Market Research Society (MRS) and the British Polling Council (BPC), and a signatory of the Global Data Quality Pledge. They adhere to the MRS Code of Conduct and ESOMAR principles.
• Some of the figures in this report have been rounded to the nearest whole number, so in some cases the total for a chart will be slightly above or below 100%.

Saltus is a wealth management company that combines empathy and intellect in equal measure. We help our clients achieve their goals in life through expert financial planning as well as providing sharp focused investment management.

We started life as an investment management firm in 2004, yet over the years we saw that providing high quality investment management is just one of the ways we can help people achieve their aspirations.

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