Saltus Wealth Index Report

The high-net-worth individual’s view of their position, prospects and potential

February 2025

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Foreword

This is our seventh Saltus Wealth Index Report...

Jon Macintosh

Managing Partner

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Commentary

Dr Michael Peacey

Senior Lecturer in Economics, University of Bristol

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Executive summary

HNWI confidence in the UK economy has risen to record levels, but specific challenges remain

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Changes in the Saltus Wealth Index over time

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* Dates refer to when the research was conducted

Economy & economic environment

Overview

Overall confidence in the UK economy has risen

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Thinking about the UK economy as a whole, not just your own financial position – how confident or unconfident are you about the next six months?

Filter by region:

Confident
Not Confident
Neutral / I Don't Know

UK economic prospects

Increasing confidence across the board

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Confidence in the UK economy by age of respondent

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Confidence in the UK economy by when respondent received financial advice

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HNWIs’ confidence in UK economy over time

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Barriers to economic growth

Reform of the UK’s tax system could stimulate growth

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HNWIs’ views on the primary barriers to economic growth in the UK

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Government priorities

Growth, growth, and more growth

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Most important challenges facing the UK that HNWIs would like to see the Government address

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Personal finance

Overview

Confidence continues with HNWIs’ personal finances, but new fears emerging

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Confidence in own finances

Confidence in HNWIs’ own personal finances exceeds confidence in the UK economy

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HNWIs’ confidence in their own finances

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Risks to and opportunities for personal wealth

Consistent risks but emerging opportunities: a clear picture of hope from HNWIs

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Biggest risks to personal wealth, according to HNWIs

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Biggest worries

Health remains top concern for HNWIs

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HNWIs’ biggest worries

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Private school fees

13% of HNWIs with children at private school will move them into state education in the next year

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The impact of rising school fees on HNWIs

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However, the impact of the rising costs of private education on children could be felt beyond solely those who could be moved from private to state education. In addition to those 13%, a further 21% of children currently in private education could be moved to a less expensive private school and an additional 11% could change from boarding to day pupils at their existing school. 10% of HNW parents also say they are considering moving abroad because of rising costs and the impending addition of 20% VAT on fees. One in ten (11%) say they will have to call on the bank of mum and dad or friends and family for financial support. A further 10% say they will have to do this just to get through this academic year and will then move their children to a different school – either into the state sector or a cheaper alternative private school.

All in all, more than half (55%) of children currently at private school could see their education disrupted in some way in the coming academic year because of the Government’s imposition of VAT on school fees.

Action taken if private school fees are no longer VAT exempt

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Anxiety about money

More HNWIs are anxious about their money than ever

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HNWIs’ feelings of anxiety and freedom concerning their finances

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HNWIs’ money anxiety over time

Respondents agree with the statement: My money makes me anxious

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Lifestyle

Overview

Significant pressures on HNWIs’ finances a cause for concern

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Delays to major life moments

Significant increase in HNWIs delaying key life decisions due to cost of living pressures

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Leaving the UK

Significant number of HNWIs could consider leaving the UK at some point

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Supporting family & backing the next generation of wealth creators

Overview

HNWIs are crucial to the growth of the UK economy and are helping to support family members

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How HNWIs are supporting their wider family financially

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Entrepreneurs and growth

HNWIs are crucial to growth of the UK economy

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How HNWIs are supporting others in creating wealth and driving growth

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Supporting family

Nine in ten HNW parents have provided financial support to adult children

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HNWIs’ relationships with their adult children

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HNWIs’ relationships with their partner or spouse

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Methodology

2,000 UK respondents (aged 18+) who have £250k+ investable assets – full breakdowns on age, assets, sex, etc.
Research conducted by Censuswide (Censuswide abides by and employs members of the Market Research Society, based on the ESOMAR principles).
Carried out online in January 2025.
Some of the figures in this report have been rounded to the nearest whole number. This means that in some cases the total value of a graph will be above or below 100%. The original data provided by Censuswide included data accurate to 13 decimal points. The data has been rounded, where relevant, to present the clearest picture to readers of this report.

The formula which drives the Index is as follows:

This is the sum of the seven measures outlined below, M_i multiplied by their corresponding weights, w_i.

Confidence in respondent’s own finances
Confidence in the UK economy
Proportion of respondents who are not concerned by either
Inflation or interest rate rises
Confidence in London remaining as a financial centre
Anxiety about money
Belief in the freedom that money can give
Belief that taxation is too heavy or too light

About Saltus

Saltus is a wealth management company that combines empathy and intellect in equal measure. We help our clients achieve their goals in life through expert financial planning as well as providing sharp focused investment management.

We started life as an investment management firm in 2004, yet over the years we saw that providing high quality investment management is just one of the ways we can help people achieve their aspirations.

Saltus Financial Planning was launched in 2015, with the aim of being an industry leader in providing financial advice. Saltus now employs over 230 people, and we have the privilege of looking after over £5bn for our clients.

Saltus Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority. Information is correct to the best of our understanding as at the date of publication. Nothing within this content is intended as, or can be relied upon, as financial advice. Capital is at risk. You may get back less than you invested. Tax rules may change and the value of tax reliefs depends on your individual circumstances.