Confidence among UK high net worth individuals (HNWI) has weakened as tax and growth concerns have re-emerged, according to the latest Saltus Wealth Index Report.
Despite signs of recovery in the second half of 2025 the latest index stands at 61.3, down from 64.7 six months ago.
While the ninth edition of the wealth management firm’s index remains above the record low of 58.2 recorded in February 2025, it is well below the peak of 67.9 seen in February 2022.
Overall confidence in the UK economy has dropped from 66% to 59%, well below the 84% recorded ahead of Labour’s first Budget in October 2024, and confidence that London will remain Europe’s financial capital has fallen from 73% to 66%, and to just 32% among the over 65s.
Tax changes and inflation remain the biggest perceived risks to personal wealth in 2026 at 45% and 51% respectively, with higher rates of income tax and inheritance tax widely viewed as unreasonably high and key barriers to economic growth.
While 87% of HNWIs remain confident about their own financial position, this is down from 92% six months ago. Older respondents remain the least confident, with 75% of over 65s expressing confidence compared with 93% of those aged 25–44.
Mike Stimpson, partner at Saltus, said: “The latest data shows the tentative recovery in confidence we saw in the second half of last year has not been sustained. While sentiment remains above the lows recorded earlier in 2025, concerns around taxation, economic growth and political decision-making are once again weighing on HNWIs.
“Uncertainty over future tax policy continues to loom large. Whether it’s income tax, inheritance tax or changes affecting businesses and employers, HNWIs are clearly worried about the direction of travel and what further measures may be introduced.”
The report tracks the views of 2,000 individuals with investible assets of £250,000 or more.
