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

Twice a year we canvas the views of high net worth individuals (HNWIs) in the UK. Their views matter, because these are the people whose creativity and hard work will drive prosperity in the UK in the medium and long term. In the short term they pay the tax that supports the Government’s spending programme.

The picture they paint is not a pretty one.

With our collaborator from the University of Bristol, Dr Michael Peacey, we have created an Index, a composite of some key indicators that the survey has tracked since its inception in October 2021. The Index currently stands at 61.3. Not the lowest it has been (that milestone was authored by Liz Truss) but trending down from the peak of 66.9 it reached immediately after the election of the current Government.

Our respondents feel that they are taxed too much and that some taxes are unfair. They particularly feel the impact of tax because the pressures on them have increased substantially over the past few years. They have felt responsible for their adult children for some time, but what our research shows is that they are increasingly also supporting their parents, often even helping them with day to day spending. However, these concerns about tax are not just personal. HNWIs also identify certain taxes as holding back the economy.

It all feels like a bit of a grind with not much hope in sight.  For many, personal consumption is down, but significantly more material sacrifices are being made. The impact of VAT on private education is leading to some parents to switch schools and important long term goals have come under pressure; overwhelmingly HNWIs are not taking advantage of the full allowance that they could contribute to their pension.

Many respondents had voted for Labour at the last election, but substantial numbers now regret that decision. Many predictable concerns are cited for this softening of support, but they are joined by a new one: the collapse in employment prospects for university graduates.

Given this grim context, it is no surprise that so many people in this constituency are considering relocating abroad.

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

The Saltus Wealth Index provides a simple barometer of the 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 61.3, below the most recent value of 64.7 recorded in the eighth edition of this Index (SWI8, August 2025), but above the low point of 58.2 reached one year ago (SWI7, January 2025). This pattern highlights a fragile and uneven recovery in sentiment. A recurrent theme in recent Saltus Wealth Index Reports is the extent to which global geopolitical volatility shapes the outlook of HNWIs in the UK, and in this respect the past six months have been as unpredictable as any in recent decades.

Following the sharp deterioration in confidence captured in SWI7, the subsequent rebound recorded in SWI8 (albeit caveated at the time by the fact that research coincided with a strong recovery in financial markets following the trough of the Trump tariff period) raised hopes that sentiment might be stabilising. The latest data suggest that this improvement has not been sustained. While confidence has not fallen back to the depths seen previously, momentum has clearly stalled and reversed for most of the components in the Index. The result is an Index that remains trapped within a relatively narrow range, reflecting uncertainty rather than direction.

Nevertheless, there are two limited areas of improvement. Concerns around inflation have eased slightly and fewer respondents now report anxiety about money. Given the central role inflation has played in shaping behaviour and sentiment in recent years, this moderation is noteworthy and provides some support to the overall Index.

However, these gains are outweighed by broader deterioration elsewhere. Compared with August 2025, HNWIs’ confidence in both the UK economy and their own finances has weakened. Respondents also expressed growing unease about the tax burden, with less than half now thinking their tax burden is appropriate (currently 49%, down from 57%). Despite significant tax changes announced in the last year, the survey still finds widespread nervousness that there will be further changes – which clearly complicates long term planning. These factors exert a stronger downward pull on confidence than the modest easing in inflation-related concerns can offset.

Taken together, the current Index value 61.3 (and the responses of the survey more broadly), points to an environment characterised by caution rather than recovery. Confidence has lifted from its weakest point, but the setback relative to SWI8 underlines how sensitive sentiment remains to policy uncertainty, geopolitical risk and concerns about growth. For HNWIs, the prevailing mood seems to be one of vigilance: acknowledging marginal improvements, while remaining wary of further shocks that could quickly undermine confidence once again.

Confidence in the UK economy stalls

The latest Saltus Wealth Index shows that the tentative recovery in confidence among UK high net worth individuals (HNWIs) recorded in the last report, published in September 2025, has gone into reverse as concerns around taxation, growth and political decision making have begun to weigh more heavily.

The Index itself has fallen from 64.7 six months ago to 61.3 today, driven primarily by a drop in confidence in the UK economy. Overall, HNWIs’ confidence in the UK economy has fallen from 66% to 59% since the last Saltus Wealth Index Report, widening the gap from the 84% recorded in August 2024 ahead of the Labour Government’s first Budget.

The latest data also show that HNWIs’ confidence in their own personal finances has weakened. While a strong majority (87%) still feel confident about the next six months, this marks a drop from 92% six months ago, bringing sentiment back in line with levels seen around this time last year (86%).

The latest report also shows that tax remains a major concern. Higher rates of Income Tax at 40% and 45% (22%), along with Inheritance Tax (16%) and Council Tax (10%), are still seen as the most unreasonably high, while higher rates of Income Tax (20%), Employer National Insurance (11%), Corporation Tax (10%) and basic rates of Income Tax (10%) are viewed as the biggest barriers to economic growth.

Despite easing slightly, inflation (51%) and tax changes (45%) remain the two biggest perceived risks to personal wealth in 2026, while concern about interest rates has risen to third place (30%), reflecting uncertainty over the pace and durability of future rate cuts.

As has been consistently highlighted across Saltus Wealth Index Reports since VAT was introduced on private school fees, the policy continues to have a material impact on HNW parents of children in private school. More than two thirds (68%) say they have already made, or plan to make, sacrifices to continue meeting higher education costs, up from 55% in the previous edition. For one in 14 (7%), the additional cost has proved unsustainable, forcing them to remove their child from private education altogether.

Rising costs have also led many HNW families to reassess the value of private education. While the vast majority still believe the quality of education, networks and opportunities – both academic and extracurricular – justify some investment, nearly six in ten (59%) say they would rather invest £100,000 for their child than spend it on school fees.

Changes in the Saltus Wealth Index over time

* Dates refer to when the research was conducted

Alongside the pressures of higher taxes, inflation and education costs, this latest report shows most HNW families continue to juggle competing financial responsibilities. Almost three quarters (73%) of respondents with adult children have provided financial support to them in the past five years, while more than half (54%) are currently supporting parents, reinforcing the need for careful, tax efficient long term planning.

For some HNWIs, these pressures are pushing them to consider more extreme options, with one in four (26%) saying they have considered leaving the UK. While a minority have firm plans to relocate, concerns around tax stability, long term certainty and quality of life continue to shape decision making, with the US, Canada and parts of Europe remaining the most popular destinations.

Confidence in the UK economy falls again as support for the Government wanes

The latest report shows that, after a brief rise six months ago, overall confidence levels in the UK economy have fallen, widening the gap even further from the levels recorded before the Labour Government’s first Budget back in August 2024.

Political opinion is also shifting. HNWIs’ support for Labour has dropped considerably over the last year from 42% to 30%, while support for Reform has grown from 13% to 18%, a figure that rises to 30% among those aged 55 and over. Support for the Conservatives has remained flat at 20%. This may reflect frustration with recent tax policy, particularly threshold freezes. HNWIs are especially concerned about those freezes relating to Income Tax rate thresholds and Inheritance Tax, with many respondents viewing both as unreasonably high and as significant barriers to economic growth. Other taxes seen as holding back the economy include Employer National Insurance and Corporation Tax.

HNWIs’ confidence in UK economy as a whole

The most unreasonably high tax

Overall confidence in the UK economy falls from 66% to 59%

HNWIs’ confidence in the economy overall has fallen from 66% to 59%, while confidence in London specifically has dropped from 75% to 68%, potentially reflecting that ongoing uncertainty and growing unease around recent political decisions is weighing on sentiment in both cases.

Almost a quarter (23%) of HNWIs now describe themselves as unconfident, up slightly from 19%, including 6% who say they are very unconfident. Confidence is weakest among older respondents, with over 65s emerging as the most pessimistic cohort; 61% are unconfident in the UK economy, and fewer than one in ten (9%) say they feel confident.

Political regret is also becoming more pronounced; four in ten (41%) HNWIs voted for Labour in the last election, but only three in ten (30%) would do so again. Those that say they now regret voting for Labour cite concerns around underinvestment in the NHS (55%), the collapse in graduate employment (53%) and a series of tax and fiscal measures perceived to threaten wealth, including increases to Capital Gains Tax and changes to Inheritance Tax (both 50%), rising government borrowing (48%), the extension of VAT to private school fees (48%) and cuts to the Cash ISA allowance (48%).

Other key policy changes that have caused Labour HNW voters to regret their decision include increases to dividend tax (46%), the abolition of the two child benefit cap (46%) and the freeze on Inheritance Tax thresholds (43%).

Confidence in the UK economy by age of respondent

The reasons why those who voted Labour now regret it

HNWIs’ confidence in the UK economy over time

HNWIs’ rising confidence in the UK economy since August 2025

HNWIs identify four taxes as key barriers to economic growth

The latest Wealth Index data show that HNWIs identify four taxes – two personal and two business – as the primary barriers to economic growth.

The personal taxes seen as the most prohibitive are the 40% and 45% rates of Income Tax – cited by one in five (20%) – and the basic rate of Income Tax at 20%, identified by one in ten (10%), with respondents suggesting that lower rates could boost consumer confidence and spending.

The two business focused taxes seen as key barriers to growth are Employer National Insurance and Corporation Tax – with around one in ten (11% and 10% respectively) identifying each as holding back growth. Almost one in ten (9%) also cite VAT as a barrier. This may be influenced by the introduction of VAT on private school fees in January 2025, particularly given that a large majority (75%) of respondents with children under 18 send their children to private school.

In contrast, Council Tax (5%), Stamp Duty on second homes or buy to let properties (4%) and Stamp Duty on principal residences (4%) rank at the bottom of HNWIs’ list of growth barriers, highlighting the fact that HNWIs see personal income and business taxation as key levers for wider economic expansion.

The taxes HNWIs believe are holding back economic growth

HNWIs’ confidence in their own finances has fallen, mirroring broader economic uncertainty

The report shows that HNWIs’ confidence in their personal finances has dipped over the past six months, reflecting both a challenging tax environment following the 2025 Autumn Budget and ongoing macroeconomic volatility. Inflation remains the biggest perceived risk to personal wealth, despite easing slightly since the previous report, followed closely by tax changes.

Wider concerns remain predominantly financial. More than half (56%) cite a money-related concern as their biggest worry, with the prospect of recession the top concern overall (16%), well ahead of health (11%), the wellbeing of children (10%) or being a victim of crime (3%) while almost four in ten (37%) say money is a source of anxiety, a figure broadly unchanged from six months ago (39%).

While private education remains a priority for most HNW parents, sending a child to private school is perhaps not as easy a decision as it once was. The latest data show that more than two thirds (68%) have already made, or plan to make, sacrifices to continue paying school fees following the introduction of VAT. At the same time, almost six in ten (59%) say they would rather invest £100,000 for their child than spend it on school fees.

HNWIs are also taking a more cautious approach to long term planning. Just 11% of HNWIs who have a pension pot used their full £60,000 pension allowance last year, with average contributions of £31,500, suggesting growing hesitancy or the impact of cost of living pressures around pensions.

A generational divide in advice is also emerging. While most HNWIs still favour professional guidance, 12% of 35-44 year olds would act on AI driven financial advice, compared with fewer than 1% of over 65s.

Confidence dips as fragility remains

After rising from 86% a year ago to 92% six months ago, confidence in personal finances has dipped again and now sits at 87%, with those feeling ‘very’ confident falling from almost half (49%) to just over four in ten (41%).

Mirroring wider economic sentiment, it is older HNWIs who feel least confident about their own finances too. Almost one in ten (9%) of those aged 55-64 say they feel ‘unconfident’ about their financial position compared to fewer than 1% of 25-44 year olds.

Specifically, those older respondents with adult children are notably less confident. Only 73% of this cohort are confident, potentially reflecting parents’ concern over future tax rises, the perceived unfairness of Inheritance Tax and, ultimately, their children’s ability to support themselves financially – a concern underscored by the fact that seven in ten HNW parents with adult children are providing financial support for them, often with regular day to day costs as well as major expenses such as housing deposits.

This drop in confidence comes as many HNWIs say they have a limited understanding of the UK tax system. Fewer than a third (29%) say they are ‘very’ confident in their understanding of how tax affects their wealth, while almost one in ten (9%) do not feel confident at all, rising sharply to 17% among 55-64 year olds.

Additionally, significant gaps in basic wealth protection remain. Almost half (48%) of HNWIs do not have a will, only 13% have put conditions on gifts or inheritances to protect wealth from divorce or third parties, and just 16% of those who are married or in civil partnerships have a pre or post nuptial agreement in place, potentially leaving many exposed to unintended wealth erosion and a loss of control over how their assets are ultimately distributed.

HNWIs’ confidence in their own finances

Sources of financial advice HNWIs would trust enough to act on

Inflation and tax changes seen as the biggest risks to wealth in 2026

The latest Wealth Index Report shows that inflation remains the biggest concern for HNWIs for the third time running with over half (51%) of HNWIs listing it as their top concern, although this is down from 58% last time.

Tax changes come second (45%) again, for the third consecutive report, while concerns about interest rates have risen from fourth to third (30%), and geopolitical risks have climbed from sixth to fourth (28%), influenced by ongoing instability in the Middle East, trade tensions, and uncertainty around the US political landscape. These shifts have pushed energy prices down to fifth place and exchange rates from fifth to ninth, while concerns about ‘the rise of extremist political parties’ are now seen as a significant threat, with one in eight (16%) respondents citing this as the biggest threat to their wealth. Mortgage rates remain a low threat at 7%, similar to the 5% recorded in the previous report and 11th on the list of concerns.

Biggest risks to personal wealth, according to HNWIs

Threat of recession remains the biggest single worry for HNWIs

When it comes to HNWIs’ biggest worries, financial or otherwise, economic concerns continue to dominate. The threat of recession remains the top concern, even though the proportion citing it has fallen from 24% in the previous Saltus Wealth Index Report to 16% today. This is still twice the level recorded in August 2024, when just 8% listed recession as their primary worry.

Next on the list is how respondents feel about their health and future tax rises under the current Government – both are top concerns for 11% of respondents, followed by the ‘wellbeing of my children’ (10%). Rising taxes on property or investment income comes next (9%), followed by geopolitical risks and the stock market going down. Children’s education, including paying school fees, was the biggest worry for 4% of HNWIs with children under the age of 18 (as well as those with grandchildren under 18), in line with the previous report.

This edition highlights growing concern among HNWIs about the value of their primary residence, with almost half (46%) worried about its current or future worth. Younger HNWIs (35-44) are the most anxious (59%), while older respondents aged 65+ are far less concerned (11%).

This difference could be driven by the fact that older respondents are more likely to have bought their home earlier than younger respondents. Older HNWIs have typically benefited from decades of house price growth and are more likely to be mortgage-free or close to it, whereas younger homeowners are more likely to have bought at higher prices, carry larger mortgages and be exposed to rising interest rates, leaving them more sensitive to market fluctuations.

Regional differences are also pronounced. More than half (53%) of London based HNWIs are concerned about their home’s value, compared to fewer than a third in the South East (36%) and the South West (36%). This reflects both the higher volatility of London’s housing market and the sharper impact of recent price corrections on high value properties.

More than a third (37%) of HNWIs report feeling anxious about their finances – flat on the 39% recorded six months ago – reflecting ongoing pressures from tax, inflation and economic uncertainty. At the same time, almost nine in ten (89%) view their wealth as a source of freedom, broadly unchanged from 90% in the previous report.

This tension highlights how many wealthy individuals are simultaneously financially secure yet increasingly conscious of the risks to their wealth, with anxiety driven less by day to day affordability and more by concerns around taxation, policy change and preserving wealth over the long term.

HNWIs’ biggest worries

Most HNWIs are not making full use of their pensions allowance

While pensions remain central to the long term financial strategies of HNWIs, the latest findings show that the recent announcement that unused pensions pots will be brought under the scope of Inheritance Tax could be impacting pension savings, with most HNWIs failing to take full advantage of the tax efficient opportunities pensions still offer.

On average, respondents think they will need a pension pot of at least £930,000 for a comfortable retirement, with 35% believing they will need well over £1m. However, just 14% have a pot anywhere near that size – the average pension pot amongst respondents is £616,000, and more than half (53%) have £600,000 or less.

The data suggest that the rate at which HNWIs are saving into their pensions will not get them where they aspire to be by the time they retire. Just 11% of respondents who have a pension pot contributed the maximum of £60,000 to their pension in the last financial year, while only 14% plan to this year. The average pension contribution in 2024/25 was around £31,500 – just over half the annual allowance – while almost a third (31%) contributed less than £20,000.

There are potentially a wide range of reasons why HNWIs do not fully utilise their pensions; competing financial demands are a key factor, including covering rising private school fees – as mentioned earlier – and supporting adult children (73%) or ageing parents (54%).

A degree of caution around government policy also appears to influence behaviour, with many HNWIs anticipating more changes to pension rules within the next six months. As a result, many (26%) are considering strategies to protect their pensions from Inheritance Tax and considering using trusts and other vehicles to manage the tax exposure on their pension and estate (21%). Just 9% say they are not worried about the potential impact of Inheritance Tax on their pension.

BOMAD meets BOSAD – the bank of HNWIs

Over the four and a half years that Saltus has been collecting data on HNWIs for the Wealth Index Report, intergenerational support has been a key theme and continues to be a defining feature in this latest iteration.

Once again, it is clear that respondents have considerable financial responsibilities and are often supporting multiple generations of family – from adult children and adult grandchildren to ageing parents – which places a unique set of demands on this ‘sandwich generation’ of HNWIs.

The latest data show that the vast majority of HNW parents (73%) have provided financial support to their adult children over the past five years, while half (54%) have done the same for ageing parents.

While this support is primarily for ‘big ticket items’ like house deposits, there is also a growing prevalence of support for more everyday costs, such as rent, bills and food shopping, particularly for older relatives, with many HNWIs sacrificing their own financial stability to help.

The data also show that the trend of the last few years of HNWIs looking to leave the UK – primarily for financial reasons – has not abated, with more than a quarter (26%) of respondents saying they have considered leaving the UK permanently.

Three quarters of HNW parents have provided financial support to adult children over the past five years, while 50% have supported adult grandchildren

Supporting adult children and grandchildren continues to be a defining feature of life for HNW families, reflecting the ongoing impact of economic uncertainty and the rising cost of living.

Three quarters of HNW parents (73%) have provided financial support to their adult children over the past five years, while half (50%) have supported adult grandchildren, underlining the extent to which the younger generations are relying on their parents and grandparents for financial help.

More than one in five (21%) respondents says they are currently providing regular financial support to their adult children, while over a quarter (27%) have provided a one-off lump sum in the last five years. One in seven (14%) say they provide gifts such as holidays, cars and experiences – rising to 30% for adult grandchildren – while one in 20 (5%) have set up a trust or financial structure to support their children. In addition, a further 7% say they plan to provide support in the future, despite not having done so yet, while fewer than one in ten (9%) say they have never provided any financial support to their adult children.

The average annual level of financial support provided to adult children now stands at £4,800, broadly in line with the £4,600 in the previous report, highlighting both the persistence and the scale of this support.

Apart from general living expenses (35%), the most common way in which parents are helping adult children remains the gifting of a house deposit – more than a quarter (28%) have done this. Almost a quarter (23%) say they are paying for holidays, while one in five (18%) say they are helping with rent or mortgage. Other reasons why HNW parents are providing financial support include household bills (15%), groceries (14%), transport expenses (15%), private healthcare (9%), and to help pay for a wedding (8%).

HNWIs providing financial support to adult children

Reasons why HNWIs are providing support

Reasons why HNWIs are providing financial support to their parents

How HNWIs are funding support for family members

Why HNWIs are considering moving abroad permanently

Destination of choice for HNWIs permanently leaving the UK

• The research was conducted by Censuswide, among a sample of 2,002 UK respondents aged 18+ who have £250k+ investible assets. The data was collected between 31.12.2025 – 12.01.2026.
• August 2025 survey: The research was conducted by Censuswide, among a sample of 2,003 UK respondents aged 18+, who have £250k+ investible assets. The data was collected between 05.08.2025 – 14.08.2025.
• January 2025 survey: The research was conducted by Censuswide, among a sample of 2000 UK respondents (18+) who have £250k+ investible assets. The data was collected between 06.01.2025 – 13.01.2025.
• 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. We adhere to the MRS Code of Conduct and ESOMAR principles.

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.

Saltus Financial Planning was launched in 2015, with the aim of being an industry leader in providing financial advice. Saltus now employs over 450 people, and we have the privilege of looking after over £10.4bn for our clients.