Nearly half (47%) of wealthy individuals have lost faith in the UK as a place to invest, according to a new report.

Just one in five said they believe the UK is currently a good place to invest.

Two thirds (64%) of the wealthy individuals surveyed by Wealth Club do not think the UK is a good place to set up a company.

One reason why those surveyed did not think the UK is a good place to invest is the perception that the country does not do enough to support wealthy investors.

Three quarters (79%) of those surveyed said they do not believe the UK does enough to support wealth creation, taking into account taxation, cultural and social factors. Just 11% said the UK is an attractive place to set up a business.

Alex Davies, founder and chief executive of Wealth Club, said: “There’s no doubt that investors are feeling downbeat. Many believe the UK is no longer a great place to start a business or invest, and that the country does little to support wealth creation and the entrepreneurs who drive it.

“This is a great shame – and should be a wakeup call for the government. It needs to do more than just say it understands how vital business and wealth creators are to the nation’s prosperity – it needs to take action.”

Despite their negativity, around a third (30%) of those surveyed said they feel wealthier than last year, with a further 38% saying their wealth has remained about the same.

Wealth Club surveyed 471 investors in October. Of the 82% who disclosed their net worth on the survey, 91% had a net worth of more than £1 million, 26% more than £5 million and 6% more than £10 million.