Confidence among UK high net worth individuals has weakened again after a brief recovery in the second half of last year, according to a new study.
Overall confidence in the economy has dropped from 66% six months ago to 59%, according to the latest Saltus Wealth Index Report, well below the 84% recorded ahead of the Labour Government’s first Budget.
Almost a quarter (23%) of HNW investors described themselves as lacking confidence in the UK economy, rising sharply among older respondents where 61% of over-65s said they lacked confidence.
Confidence that London will remain Europe’s financial capital has fallen from 73% to 66% and is just 32% among over-65s.
The Index, which measures HNW investors’ confidence in the UK economy and their own wealth, has fallen from 64.7 to 61.3. While the 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.
While a substantial majority (87%) of HNWIs still felt confident about their own financial position, this is down from 92% six months ago, returning sentiment to levels seen this time last year.
Older respondents remained the least confident, with three quarters (75%) of over-65s expressing confidence compared with more than nine in ten (93%) of those aged 25–44.
Tax changes (45%) and inflation (51%) remained the biggest perceived risks to HNW personal wealth in 2026. Uncertainty around interest rates rose to third place at 30%.
Higher rates of Income Tax at 40% and 45% were viewed as ‘unreasonably high’ by 22% of respondents, while 16% said Inheritance Tax was excessive.
Mike Stimpson, partner at Saltus, 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.”
• The Saltus Wealth Index Report, now in its ninth edition and supported by Dr Michael Peacey of the University of Bristol, measures HNWI sentiment in the UK, tracking the views of 2,000 individuals with investible assets of £250,000 or more. The latest survey was carried out by Censuswide in January.