• The Saltus Wealth Index Report [https://www.saltus.co.uk/wealth-index] - the biannual barometer of high-net-worth individuals’ (HNWIs) confidence in the UK economy and prospects for their own wealth - falls from 64.7 a year ago to 60.3 today

• Fall in confidence driven by concern around the new Government’s tax policies, with 67% worried about a potential 10% ‘death tax’ on all estates and 62% worried about a possible annual wealth tax

• Other primary concerns are the potential for further changes to Inheritance Tax (67%), pensions (70%) - including fears that Burnham will remove the tax-free lump sum - and ISAs (66%)

• Tax changes are now one of the biggest perceived threats to personal wealth, with 40% identifying them as a key risk in 2026, behind only inflation (45%).

30th September 2026: Confidence among UK high net worth individuals (HNWIs) is continuing to weaken, as fears over government tax and wealth policy increasingly shape how HNWI families protect and pass on their assets, according to the latest Saltus Wealth Index Report [https://www.saltus.co.uk/wealth-index] published today.

The Saltus Wealth Index - now in its tenth 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 60.3, down from 61.3 six months ago and 64.7 a year ago, as confidence in the UK economy continues to decline. Confidence in the economy has dropped from 59% to 56%, widening the gap from the 84% recorded ahead of Labour’s first Budget in August 2024.

‘Death tax’ speculation undermining confidence

Ongoing speculation about possible tax and wealth policies Andy Burnham’s Government has proposed, or could propose, is causing the highest levels of anxiety and concern amongst HNWIs. Tax changes are now one of the biggest perceived threats to personal wealth, with 40% identifying them as a key risk in 2026, behind only inflation (45%).

Respondents have an average net worth of 4.2m, including a main home worth just over 1m on average, meaning property represents a significant proportion of their overall wealth. Two thirds (67%) are worried about a potential ‘death tax’ on all estates, with 31% feeling ‘very concerned’, making it the tax policy causing the strongest level of anxiety among respondents.

Wealth transfer front of mind for HNWIs

Further changes to pensions are the single biggest concern in the research, with 70% of HNWIs worried about potential reforms. This includes 66% who are concerned about the removal of the pension tax-free lump sum.

The prospect of further changes to Inheritance Tax (IHT) and estate planning rules are also causing high levels of concern, with 67% worried overall and 28% feeling ‘very concerned’. A similar proportion (64%) say they are worried about a land value tax being added to or replacing existing property taxes, such as Council Tax.

The concern is also extending to one of the key ways wealthy families can pass assets between generations. Six in ten (60%) are concerned about a reduction in the cap on lifetime gifting, potentially limiting the ability to pass wealth to children and grandchildren during their lifetime.

There is also the added issue that a majority (71%) of HNWIs are planning to use their main home to fund at least some of their retirement. With the average HNWI home worth just over 1m, property represents a significant source of wealth that many are relying on for their own retirement while also hoping to pass it on to the next generation. This means that anxieties about how property could be taxed during their lifetime - 62% are worried about a possible annual wealth tax - are being weighed alongside concerns about how it will be treated when wealth is passed on.

With pensions coming into scope for IHT, families are increasingly having to consider how much wealth they need to retain for their own future and how much they may want to pass on earlier, while taking into account the potential impact of changes to IHT, gifting, pensions and property taxes.

Mike Stimpson, Partner at wealth management firm Saltus [https://www.saltus.co.uk], said: “While the latest Wealth Index shows that confidence among HNWIs is continuing to soften, what really stands out is how much the focus has shifted towards what the Government might do next.

“The prospect of a 10% tax on estates is a clear worry. With two thirds of HNWIs concerned and almost a third very concerned, this is no longer a theoretical issue for families - it is becoming part of the conversation about when, how and how much, wealth should be passed on to the next generation.

“We are seeing the same concern across pensions, ISAs, Inheritance Tax, gifting and wealth taxation. Five years ago, some of these policies barely featured in the debate. Today, they are shaping how HNWIs think about their financial futures.

“With the Autumn Budget approaching, greater clarity is vital. Families need to understand not just what changes might be introduced, but the wider direction of travel for wealth and taxation in the UK.”

Dr Michael Peacey, Senior Lecturer, School of Economics, University of Bristol, added: “The tenth edition of the Wealth Index gives us a useful perspective on how HNWI sentiment has evolved over time. The continued fall in the Index is significant, but perhaps more revealing is the changing nature of the concerns behind it.

“Policies that would have been relatively peripheral to the wealth debate five years ago are now a source of concern for a majority of HNWIs. The breadth of the response suggests that uncertainty around future taxation has become an important consideration in how individuals approach their wealth.

“The data also show that confidence in personal finances remains considerably stronger than confidence in the wider economy. This distinction is important: HNWIs may feel relatively secure themselves, while becoming increasingly concerned about the economic and policy environment in which they hold and pass on their wealth.”

-ENDS-

Notes to editor

Further information or to see a copy of the report under embargo, contact

Rachel Mason

prprose@live.co.uk

About Saltus Wealth Index Report

• 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 August 2026

• Some of the figures in this report have been rounded to the nearest whole number. 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 500 people, and we have the privilege of looking after over 11bn for our clients.

Find out more at Saltus [https://www.saltus.co.uk]

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