Compare Saltus Wealth Index data...
Saltus Wealth Index survey: the numbers
We launched our first Wealth Index survey in October 2021 in the wake of Covid and Brexit. We wanted to track the views of high net worth individuals (HNWIs) as the UK transitioned to a new normal. Five years later, it feels that we still have not arrived at that new normal. We are now on to our ninth report and the story that we see playing out is that of a group of people buffeted by headwinds generated from within the UK and pressures applied from outside. Our respondents are feeling increasingly concerned and dissatisfied as they find it ever harder to manage their own financial activities and generate the wealth the UK so badly needs. Below we look in detail at some of the key issues the survey covers.
Hover over a data point to view the results.
The Saltus Wealth Index - how the confidence of high net worth individuals has changed over time
Working with Dr Mike Peacey of the University of Bristol, we have aggregated some key measures to create a single index. The Index has gyrated up and down as each dawn proves to be false and is followed by disenchantment. We are certainly in a period of disenchantment at the moment with the Index near the lows it recorded following Labour’s first budget in the autumn of 2024. Taken in aggregate, there is not much comfort to be drawn from the views of our respondents and, while it may be February in our gardens, parks and countryside, there are not many green shoots visible here.
Personal finance confidence
Thinking about your own finances, how confident or unconfident, if at all, are you about the next six months?
*Change in methodology: we introduced a neutral category in SWI2
Our respondents’ views about their personal finances have been one of the bright spots of this series. While things may not be as they would like, HNWIs do not think that permanent damage has been inflicted on their own financial situation. However, these findings should be treated with a degree of caution. The UK has not experienced a recession in this period and stock markets have been remarkably resilient. This is a measure we would expect to be sensitive to these drivers.
UK economy confidence
Thinking about the UK economy as a whole - not just your own financial position how confident or unconfident, if at all, are you about the next six months?
Confidence in the UK economy among HNWIs is stronger than it was a year ago but is drifting down from the brief recovery in the summer and is at its second lowest point since the series began. Remarkably, our respondents are less confident about the prospects for the UK now than they were following Liz Truss’s brief tenure as Prime Minister.
Top 5 future concerns
What, if anything, do you view as the biggest risk(s) to your wealth right now? Tick up to 3
Inflation has been a big fear of respondents for some time – perhaps unsurprisingly given its resurgence in the post Covid period and the fact that it has now returned in a slightly less aggressive form. What is new is the concern about tax, which has become a feature of this research since the 2024 election. This survey suggests that HNWIs’ anxiety about it remains at very elevated levels – perhaps unsurprising given the persistent deficit the government is running.
London as a financial centre
Do you believe London will remain Europe’s financial capital in the next decade?
The FTSE hit new highs in the period preceding this research and it is perhaps predictable that, as a result, confidence in London as a leading global financial hub has recovered.
Anxiety about money
To what extent do you agree or disagree with the following statement? 'My money makes me anxious'
Anxiety about money has not really changed since the survey conducted last August. This result is closely correlated to market performance and would be vulnerable to correction if there is a change in sentiment in markets.
Freedom that money makes possible
To what extent do you agree or disagree with the following statement? ‘My money is a source of freedom for me’
Our respondents continue to see the benefit to their lives that robust personal finances can provide. This is consistent with responses to other questions in the survey that probe respondents’ financial responsibilities. Without money, many would not be able to offer the support to family members that they currently provide.
Tax
Thinking about the amount of tax you pay in the UK, do you think:
The proportion of people who believe they pay too much tax remains at – or just off – the elevated levels it has experienced in the previous two surveys.