Confidence among high net worth individuals is continuing to weaken due to ongoing speculation about potential tax policies, according to the latest Saltus Wealth Index report.
Confidence has fallen from 64.7 to 60.3 year-on-year, according to the biannual barometer of confidence in the UK economy and HNW wealth prospects.
The fall in confidence is largely driven by concern around potential new government 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 cited by the HNW investors surveyed are the potential for further changes to inheritance tax (67%), pensions (70%), and ISAs (66%).
Nearly two thirds (64%) were worried about a land value tax being added to or replacing existing property taxes such as Council Tax, and 60% about a reduction in the cap on lifetime gifting.
Overall confidence in the UK economy has dropped from 66% to 56% in 12 months, and from 59% to 56% over the last six months, remaining well below the 84% recorded ahead of Labour’s first Budget in August 2024.
The Index remains above the record low of 58.2 seen in February 2025, but well below the 67.9 peak of February 2022.
Mike Stimpson, partner at firm Saltus, said: “In the five years we have been tracking the views, hopes and fears of the UK’s high net worth individuals we have built a clear picture of what this vital constituency of people think about the state of their own finances and those of the UK as a whole.
“We have seen countless economic and political shocks since our first edition back in 2021, leading to subdued confidence in the prospects of the country – but with a broadly positive market backdrop over that time, confidence in the state of their own finances has remained relatively strong.
“But today our data show that confidence among this group is softening further, with the focus having shifted squarely to what the government might do next.”
The Saltus Wealth Index studies the views of HNW investors in the UK.
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 Saltus report surveyed 2,000 UK investors with over £250,000 in investible assets not including their primary residence. Research for the latest Barometer was varied out by Censuswide in August.
Respondents had an average net worth of £4.2m, including a main home worth just over £1m on average.
