• The Saltus Wealth Index Report [https://tinyurl.com/3tacppny] - the biannual barometer of high net worth individuals’ (HNWI) confidence in the UK economy and their own wealth - falls from 64.7 to 61.3

• HNWIs’ overall confidence in the economy has fallen from 66% in the last report to 59%, and remains far below the 84% recorded before Labour’s first Budget

• Confidence that London will remain Europe's financial capital in the next decade has dropped from 73% to 66% overall and to just 32% amongst over 65s

• Almost a quarter (23%) of HNWIs now describe themselves as unconfident, and this lack of confidence is three times higher (61%) amongst the over 65s

• HNWIs confidence in their own personal finances has fallen from 92% to 87%, back in line with this time last year (86%)

After showing signs of recovery in the second half of last year, economic confidence among UK high net worth individuals (HNWIs) has once again slipped back, according to the latest Saltus Wealth Index Report [https://tinyurl.com/3tacppny] published today.

The Saltus Wealth Index - now in its ninth edition and supported by Dr Michael Peacey of the University of Bristol - is the benchmark measure of HNWI sentiment in the UK, based on responses from 2,000 individuals with investible assets of £250,000 or more.

The latest index stands at 61.3, driven primarily by a drop in confidence in the UK economy. While this remains above the record low of 58.2 recorded in February 2025, it is a clear drop from the 64.7 recorded six months ago, confirming that the tentative improvement in confidence seen in September has reversed. Sentiment also remains well below the peak of 67.9 recorded in February 2022.

UK economic confidence weakens, with doubts growing over London’s global status

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 (84%).

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, with 15% feeling ‘very unconfident’. Fewer than one in ten (9%) say they feel confident - almost eight times fewer than amongst respondents aged 25 to 44 (78%).

Belief that London will remain Europe's financial capital in the next decade has also dropped from 73% down to 66%, and down to just 32% amongst over 65s.

Confidence in personal finances slips, particularly among older HNWIs

The latest data also show that HNWIs’ confidence in their own personal finances has weakened. While a strong majority (87%) still feel confident, this marks a drop from 92% six months ago, bringing sentiment back in line with levels seen around this time last year (86%). Once again it is older respondents that are the least confident; 75% say they feel confident, in comparison to 93% of 25-44s.

Looking ahead, 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 ongoing uncertainty over the pace and durability of future rate cuts. 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.

HNWIs identify higher rate Income Tax and IHT as ‘unreasonably high’ and a ‘key barriers’ to economic growth

The latest Saltus Wealth Index Report shows that HNWIs see personal and business taxation as a major drag on both confidence and economic growth.

Higher rates of Income Tax at 40% and 45% are viewed as unreasonably high by more than one in five respondents (22%), while Inheritance Tax is cited by 16% as excessive. When asked about barriers to growth, higher and basic rates of Income Tax are again highlighted, alongside Employer National Insurance and Corporation Tax, reinforcing the view among HNWIs that taxation on earnings and employment is a key constraint on wider economic expansion.

Mike Stimpson, Partner at wealth management firm Saltus [https://tinyurl.com/3tacppny], said: “The latest data show that 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.

“These individuals are investors, business owners and employers, and prolonged uncertainty risks dampening investment decisions at a time when the UK needs growth. Restoring confidence will require greater clarity and stability around tax and economic policy.”

Dr Michael Peacey, Senior Lecturer, School of Economics, University of Bristol, added: “The latest fall in the Index highlights just how fragile the recovery in confidence is proving to be. While sentiment improved temporarily in the latter part of last year, the data now suggest that underlying concerns have reasserted themselves, particularly around taxation and the wider economic outlook.

“The fact confidence jumped up and has now fallen back down again in just six months underlines the extent to which uncertainty has become embedded. This volatility reflects a combination of domestic policy concerns and broader global risks, including inflation and interest rate uncertainty.

“For confidence to recover more sustainably, HNWIs will need to see clearer signals on future tax policy and stronger evidence that economic conditions are stabilising.”

-ENDS-

Notes to editor:

Further information - Rachel Mason / Harleen Kaur - Saltus@boldspace.com

About Saltus Wealth Index Report

• A copy of the report can be seen here: [https://tinyurl.com/bdz4srs5]

• 2,000 UK respondents (aged 18+) who have £250k+ investible assets – not including primary residence – full breakdowns on age, assets, gender, etc.

• Censuswide (Censuswide abides by and employs members of the Market Research Society, based on the ESOMAR principles)

• Carried out online in January 2026

• Some of the figures in this report have been rounded to the nearest whole number. This means that in some cases the total value of a graph will be above or below 100%. The original data provided by Censuswide included data accurate to 13 decimal points. The data have been rounded, where relevant, to present the clearest picture to readers of this report.

About The Saltus Wealth Index Report

The Saltus Wealth Index Report provides an in-depth study into the views of HNWIs in the UK and the Index itself provides a simple barometer of the confidence and concerns this group has relating to the UK economy and their own financial circumstances. 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.

About Saltus

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.

Find out more at Saltus [https://tinyurl.com/3tacppny].

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