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Saltus Wealth Index survey: the numbers
We are very proud to showcase our tenth Saltus Wealth Index report. We began the series because we wanted to take a snapshot of how the UK’s wealth generators and principal taxpayers, the High Net Worth Individuals (HNWIs), were faring whilst subjected to the twin pressures of Brexit and Covid. This piece of work was immediately well received and so we have carried on, charting the ups but mainly the downs of one of Britain’s most important constituencies.
The answer to the question we originally posed was that our respondents were surviving, applying the ingenuity and aptitude for hard work that we know they have to get by, but not flourishing. That has been the theme of the subsequent surveys. Like the proverbial frog in the pan of warming water, the temperature is rising but not yet sufficiently for the majority to jump out. This tenth survey is approaching the low levels of confidence set by the Liz Truss budget and Labour’s first stab at managing the economy.
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.
There has been some movement in the Index across the reporting period, but the movements up have repeatedly been false dawns. The trend is down. If there is any comfort to be drawn from this weak showing, it is that it is not as bad as it could have been. The last reading was at the beginning of 2026, prior to the Iran War, and although there has been some softening, it could have been a lot worse. Inflation is up, interest rates are up, taxes are up but the UK is not actually in recession and this is reflected in this outcome.
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
The feature of the Index that has always kept it in positive territory has been how respondents have viewed their own finances. The markets have generally performed well during this period and that is reflected in these numbers. However, even here there is drift. While in aggregate the number of respondents who are generally positive has remained high, there has been a shift in the latest work from people who are very confident to people who are quite confident. At 36%, this is a notable decline from the result of the last survey.
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?
The aggregate percentage of people who are confident in the prospects of the UK economy is the second lowest in the series. Both of the lowest points have been recorded with the Labour party in office, promising growth but delivering only an insipid version of it. Now just 56% of respondents are very or quite confident about the future of the economy.
Top 5 future concerns
What, if anything, do you view as the biggest risk(s) to your wealth right now? Tick up to 3
The two dominant anxieties felt by HNWIs have for some time been inflation and tax. The fact that they appear to be easing a little in the latest survey should not be taken as an indication that our audience is marginally less concerned about them. Rather, there are other things that they have become more concerned about. The most notable item here is geo-political risk. It has been a feature of this survey for some time and now is referenced by 32% of respondents as being in their top three risks to wealth, higher than higher energy costs.
London as a financial centre
Do you believe London will remain Europe’s financial capital in the next decade?
This indicator has bounced around a bit in the period of the survey; it is led by views of the UK more generally with an overlay of how people feel about the London stock market. With 62% of respondents indicating that they believe that London will remain Europe’s financial capital, the latest survey records a result at the bottom end of the range of outcomes we have seen.
Anxiety about money
To what extent do you agree or disagree with the following statement? 'My money makes me anxious'
There has been no substantive change in the anxiety people feel regarding their wealth in the last few years. This measure is strongly correlated to market performance and perhaps may weaken if markets wobble or decline.
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’
HNWIs responding to this question continue to understand and appreciate the benefits that their wealth can bring. There has been very little change here with, in most cases, between 80% and 90% of respondents appreciating this freedom. Elsewhere in the survey we see how HNWIs are using their money to support family members.
Tax
Thinking about the amount of tax you pay in the UK, do you think:
Respondents began to believe that they were paying too much tax after the election of the Labour government. This conviction has moderated a fraction in the latest survey, but remains significantly higher than the levels recorded prior to Keir Starmer’s election victory.