The study was conducted with 600 respondents with a minimum of £500,000 in investible assets.

Compared with the previous year, IHT concerns increased, climbing almost a third by 8 percentage points across the generations to 35%, with a 16 percentage points rise in those aged 55 and over.

The research also revealed that three times more women than men hesitated to apply for wealth products because of a lack of understanding.

Meanwhile concerns continued over capital gains tax increases among all age groups.

Nick Ritchie, senior director of wealth planning at RBC, said: “The survey results point to the wealthy re-evaluating later life priorities and wealth stewardship, a trend likely prompted by the UK’s uncertain political and economic future, which could potentially alter the future landscape of intergenerational transfers.”

He added that it was interesting that the younger wealthy were showing the highest level of concern over wealth transfer, according to the research.

Across the generations, IHT remained the number one concern despite ongoing speculation of a potential tax cut, jumping from 27% in the prior year’s survey to 35% (equivalent to a 12% and 16% year-on-year rise for 25-34 year olds and 55-65 year olds respectively).

The poll also found that wealthy Brits were concerned about gifting without losing control or giving too much too soon, particularly among 35-54 year olds (which saw the sharpest year-on-year rise from 16% to 23%), and women (climbing from 20% to 29%).

Not knowing how much is enough to maintain lifestyles in later life was also a concern for respondents, with those closest to retirement ages most concerned (31%). The survey showed that younger, pre-retirement respondents were increasingly worried (24%) about this topic compared to the prior year (20%).

Changes to the Capital Gains Tax rate was another top concern for wealthy respondents, with those in pre-retirement ages (aged 55-65) most concerned (27% in 2023 vs 14% in 2022). The survey showed that male respondents were more worried (26%) compared to female respondents (19%).

The research by RBC also found that almost 30% of women have hesitated to apply for wealth management products due to a lack of understanding, compared with only 10% of men, with women also a lot less confident than men when it comes to investment management and diversifying assets.

Some 81% of women said they would benefit from more guidance compared with 67% of men and 71% of women said they required guidance compared with 66% of men.

Annabel Bosman, head of relationship management at RBC, said: “The fact that three times more women than men hesitated to apply for wealth management services in 2023 because of a lack of understanding cannot be ignored, particularly in light of the bumpy road ahead of us.”

• Survey commissioned by RBC Wealth Management and conducted in collaboration with Kantar Media in October 2023 with 600 respondents with a minimum of £500,000 in investible assets.