Economic confidence among high-net-worth individuals has dropped, driven by fears over UK growth and high taxes, according to the latest Saltus Wealth Index Report.
The latest index stands at 61.3, down from 64.7 six months ago, and well below the peak of 67.9 seen in February 2022.
The Saltus Wealth Index is a benchmark measure of HNWI sentiment in the UK, based on responses from 2,000 individuals with investable assets of £250,000 or more.
The index found almost a quarter (23%) of HNWIs now describe themselves as unconfident, including 6% who say they are ‘very unconfident.’ Confidence is weakest among older respondents, with over-65s emerging as the most pessimistic cohort. More than three in five (61%) do not feel confident in the UK economy, with 15% feeling ‘very unconfident’.
Fewer than one in ten (9%) over-65s say they feel confident, almost eight times fewer than those aged 25 to 44 (78%).
Additionally, belief that London will remain Europe’s financial capital in the next decade has also dropped from 73% to 66%, and down to just 32% among over-65s.
A drop in confidence was also reflected in how HNWIs perceive their own personal finances. While 87% said they still feel confident, the figure is down from 92% six months ago. Inflation (51%) and tax changes (45%) remain the two biggest perceived risks to personal wealth in 2026, while concern about interest rates has risen to third place (30%). More than half (56%) cite a money-related concern as their biggest worry, while more than a third (37%) say money is a source of anxiety.
According to Saltus, higher rates of income tax at 40% and 45% are viewed as unreasonably high by more than a fifth (22%) of respondents, while inheritance tax is deemed excessive by 16% of respondents.
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.
“These individuals are investors, business owners and employers, and prolonged uncertainty risks dampening investment decisions at a time when the UK needs growth. Restoring confidence will require greater clarity and stability around tax and economic policy.”
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