Foreword

The ambition of this survey is to track over time the views of high net worth individuals (HNWIs) concerning the UK economy and their own financial prospects. These people are sometimes taken for granted and disparaged, despite the fact that this community makes a massive contribution to the UK. This contribution includes tax paid, certainly, but it is more than that; this survey reveals the extent of the growth successful Brits generate through their own business activity and their generous support of other wealth creators as younger generations begin their careers.
For people who believe that the views of wealth creators and tax payers matter, the news in this Report is not good.
After a brief rally, an exhalation of relief immediately following the departure of the previous Conservative administration, our barometer of confidence, the Saltus Wealth Index, has plunged to 58.2. This is its lowest point since we started these surveys in 2021. It is even lower than the level we recorded after Liz Truss’s disastrous Budget. The fact that it is not lower is a function of the resilience of most markets while the fieldwork was undertaken at the beginning of this year. Our respondents could see an iceberg ahead, but the ship was still afloat.
Confidence has taken a hammering, particularly confidence in the prospects of the UK economy. This is a constituency that is feeling the pinch, believes it pays too much tax and that the words of a Labour Party that said it was pro business prior to the election are not matched by its anti-growth actions now it is in government, specifically the October rise in Employer National Insurance.
It is no surprise therefore that large numbers of our respondents are now considering moving abroad and many of those that voted Labour now wish that they hadn’t.
In 1997 the Labour Party told us that things can only get better, but they can also get worse. There is not much room for optimism in this Report beyond the resilience, entrepreneurial flair and nous of our respondents. While they remain committed to the UK there is hope for brighter times ahead.
As always, my thanks go to our partners at Censuswide and our collaborator, Dr Michael Peacey of the University of Bristol, who helps us understand this valuable data. I hope you enjoy the Report.
Commentary

The Saltus Wealth Index synthesises some of the key information gathered from the questionnaire and provides a simple barometer of the subjective confidence and concerns that 2,000 UK high net worth individuals have relating to the UK economy. The Index ranges between 0 and 100, with higher values describing higher confidence in (and fewer significant concerns with) the UK economy and personal finances.
The Index now stands at 58.2, representing a significant decline of 13% from the previous value of 66.9, recorded in August 2024. This underscores a period of mounting apprehension among HNWIs about the UK’s economic prospects. This dramatic drop reverses the recent upward trend, taking the Index below the level recorded in November 2022, during the aftermath of the infamous Kwarteng-Truss mini-Budget.
The decline in the Index reflects substantial shifts across several key measures. Confidence in the UK economy has experienced a pronounced drop. Meanwhile, the belief that London will maintain its position as Europe’s financial capital over the next decade has also fallen sharply to 58% – the lowest level recorded since the survey began in 2021. This decline in sentiment coincides with the UK’s economic slowdown and the realisation that inflation remains more persistent than many had hoped.
There has also been a shift in how HNWIs feel about taxation in the UK. The proportion who feel their tax burden is too high has again increased to 45% (from 40% in August 2024 and 31% in December 2023). Anxieties about taxes rising further, particularly Inheritance Tax, continue to weigh heavily on HNWIs, with a third of respondents actively revisiting their estate planning strategies. The introduction of VAT on private school fees has reportedly added further financial strain, prompting over a third of HNWIs with children in private education to consider changes to their schooling arrangements. The survey also suggests that tax changes are the primary reason that around 66% of HNWIs who voted Labour in 2024 now regret that decision.
The Saltus Wealth Index Report has once again revealed a trend among HNWIs considering permanent relocation from the UK, with 10% considering it within the next 12 months. This consistency indicates that the decision to leave is not merely a kneejerk reaction to the new Government but stems from a combination of rising financial pressures on HNWIs in the UK and increasing global competition to attract wealth creators.
Looking ahead, it will be interesting to observe whether HNWIs follow through with their plans to react to the UK’s economic challenges. Such actions could have significant implications for both the domestic economy and global perceptions of the UK as a hub for wealth creators.
Executive summary

High net worth individual confidence in the UK economy sees significant decline
While there has been a substantial drop in the Saltus Wealth Index from 66.9 to 58.2, some constituent measures have shown even more significant declines. Overall, confidence in the UK economy has fallen dramatically from 84% to 48% since the last Saltus Wealth Index Report in August 2024. This drop follows a marked increase in confidence in the previous Report and the data suggest the initial boost felt following the change in government is now faltering as a result of a series of unpopular economic decisions.
Two thirds (66%) of those who voted for Labour at the last election (36% of respondents) say they now regret their decision. They cite the increase in Employer National Insurance, the scrapping of the Winter Fuel Allowance and the introduction of VAT on school fees as key reasons, with four in ten (42%) high net worth (HNW) private school parents saying they plan to make a change to their child’s education in direct response to the addition of VAT.
The Saltus Wealth Index now stands at 58.2, a fall from 66.9 when the Index was last published and down 10% from the 64.4 recorded a year ago. The Index figure today stands at a record low since it was first published in February 2022.
The Index is a composite measure, and the drop in confidence in the UK economy has been the biggest driver of the decline. Today, just a fifth (19%) of HNWIs are very confident in the prospects for the UK economy, another record low.
While the picture is more positive when it comes to HNWIs’ confidence in their own personal wealth, with almost nine in ten (85%) remaining confident about their own finances, the data suggest that this confidence could soon waiver.
Eight in ten (83%) HNWIs expect the Labour Government to raise taxes further in the next 12 months, with respondents predicting Capital Gains Tax (CGT), Income Tax and Inheritance Tax (IHT) the most likely to be increased. Furthermore, one in ten (10%) say they are considering leaving the UK permanently, with changes to IHT given as one of the top reasons why.
The Report also shows that HNWIs remain under financial strain in their roles as the ‘family bank’, with 74% supporting their adult children financially, 68% supporting ageing parents and 12% doing both. Many are sacrificing their own financial security to do so, including reducing pension contributions and selling assets.
Changes in the Saltus Wealth Index over time
* Dates refer to when the research was conducted
Economy & economic environment

Overview
Overall confidence in the UK economy has dropped significantly
Less than half (48%) of HNWIs are confident in the UK economy, a significant fall from the 84% in the last Report, while those who are very confident has dropped from nearly four in ten (38%) to less than a fifth (19%). This marks the lowest levels of confidence in the UK economy since the first edition of the Saltus Wealth Index Report in August 2021.
Following several key tax changes announced by the Government, including to CGT, Employer National Insurance, Council Tax and IHT, respondents say they think that high tax rates are holding the UK economy back, with 43% saying this is the biggest barrier to economic growth.
IHT is seen as the tax holding back growth the most, with one in four (25%) saying IHT is ‘unreasonably high’. 17% say the same about the higher rates of Income Tax and CGT (9%); eight in ten (83%) respondents said they expect the Labour Government to make further tax rises in the next 12 months.
Employer National Insurance, which will increase to 15% in April 2025, is also cited as a barrier to growth, with 15% of the HNWIs who voted Labour at last year’s General Election singling out the Government’s decision to increase Employer National Insurance as the reason they now regret their vote.
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?
- Confident
- Not Confident
- Neutral / I Don't Know
UK economic prospects
Overall confidence in UK economy falls from 84% to 48%, with those very confident now down to 19% from 38%
This edition of the Saltus Wealth Index Report paints a worrying picture at a macro level, with confidence in the UK economy almost halving over the past six months. It has fallen from 84% in August 2024, the highest ever level since the Wealth Index Report was first published in 2021, to a record low of 48% today. Confidence amongst HNWIs is now lower than the 67% recorded after the infamous Autumn Budget under Prime Minister Liz Truss in November 2022.
Those who say they are very confident has fallen from 38% to just 19%, another record low. At the other end of the scale, a third (33%) say they feel unconfident, with 10% of all HNWIs saying they feel very unconfident.
These confidence levels align with HNWI views of the Labour Government, with two thirds (66%) of the 36% of respondents who voted Labour at the last General Election now saying they regret doing so. The main reasons cited for this regret are changes to IHT (18%), adding VAT to private school fees (18%), the impact on business (16%), changes to tax thresholds and pensions (16%), changes to the Winter Fuel Allowance (15%), and the increase in Employer National Insurance (15%).
As has been the case in each of the six previous Wealth Index Reports, confidence among younger HNWIs continues to outperform older age groups, with three quarters (76%) of those under 44 feeling confident.
For 45-54 year olds, confidence falls to 41%, but it is the over 55s who remain the least confident, where confidence has dropped significantly from 37% to just 13%. Just 2% of this group say they feel very confident compared to 63% who feel unconfident. Within that age group it is those aged 65+ that are feeling the least optimistic about the UK economy – just 1% are very confident compared to 24% who are very unconfident.
Regionally, the confidence of HNWIs in Greater London (65%) and Wales (67%) are the highest. However, both are still down since the last Report, from 78% and 91% respectively. The lowest levels of confidence are in the South East, where just 25% are confident and more than half (55%) are unconfident; more than one in four (15% overall) say they feel very unconfident.
Confidence in the UK economy by age
How HNWIs voted at the 2024 General Election
HNWIs’ confidence in the UK economy over time
HNWIs’ falling confidence in the UK economy as a whole since August 2024
Scotland
North East
Yorkshire
North West
East Midlands
East Of England
Greater London
South East
Wales
West Midlands
South West
Northern Ireland
Barriers to economic growth
UK HNWIs think high tax rates and complex tax systems are holding back UK economic growth
In the last edition of the Wealth Index Report, which recorded views of HNWIs just after the Labour Government took office but before the October 2024 Budget, the outlook amongst respondents was widely positive about the change of government.
However, this feeling has waned considerably over the past six months, and the latest data suggest it is tax changes, and the prospect of further tax rises, that has fuelled this. The Report shows that HNWIs think high tax rates and a complex tax system remain the biggest barrier to economic growth. Furthermore, the number of respondents that think high tax rates are the main issue has jumped dramatically, from 23% before the last Budget to 43% today.
The taxes HNWIs think have the biggest impact on holding back economic growth are higher rates of Income Tax at 40% and 45% (17%), Corporation Tax (14%) and Employer National Insurance (14%). There also remains a strong level of nervousness about paying more tax or the prospect of increasing complexity in the tax system, with 47% saying tax changes are the single biggest risk to their wealth, making it the second largest concern after inflation (52%).
After high tax rates, respondents cited labour market issues such as skills shortages and labour costs (32%, up from 18% last time), low productivity (28%) and the regulatory burden on businesses (25%) as major barriers to economic growth. Global trade policies are also cited as a key barrier by a quarter (25%) of respondents, up from 16% last time and reflective of a more uncertain global economic environment and political changes in the period.
HNWIs’ views on the primary barriers to economic growth in the UK
Tax
IHT is the most ‘unreasonably high’ tax
Not only do HNWIs see high tax rates as the biggest barrier to growth, but also as a key threat to their own personal wealth, with Inheritance Tax cited as the biggest concern.
Payable at 40% on anything above the threshold of £325k, rising to £500k if the estate includes a residence passed to direct descendants and £1m to a surviving spouse or civil partner, the thresholds were due to be frozen until 2028. In Labour’s first Budget this was extended to 2030, which, the data suggest, was a highly unpopular decision, with 25% of respondents saying they felt IHT was ‘unreasonably high’.
Only 12% of respondents say they think the current £325k threshold should remain the same; the rest (88%) want to see a change. Of those, one in four (25%) think the tax should be abolished completely, a huge rise on this time last year when just 6% said they wanted IHT scrapped.
The majority (61%) say they think it would be fairer if the threshold at which IHT is payable was increased, with somewhere between £500,001 and £1m the preference for one in five (20%) HNWIs.
One in seven (14%) respondents think the threshold should rise slightly, suggesting somewhere between £325,001 and £500k would be fair. 16% would prefer the threshold to rise to between £1-2m, while just 5% favour a larger threshold of between £2-3m and one in 20 (6%) would like to see the threshold rise most significantly to £3-5m. On average, HNWIs think the threshold should be just under £1m (£935k).
Given the current position on IHT under the Labour Government, significant numbers of HNWIs have said they will make changes to how they pass on their wealth. A third (33%) of respondents plan to transfer assets to their children more quickly while they are alive and a further third (33%) have spoken to, or plan to speak to, a financial adviser regarding IHT specifically.
A fifth (19%) have amended or plan to amend their will as part of their estate planning, while one in seven (15%) have made or will make plans to leave money to charity. Just a quarter (27%) of HNWIs have not made any changes to their estate planning in response to the Labour Government’s position on IHT.
In addition to IHT, the only other tax cited by double digit numbers of HNWIs as being ‘unreasonably high’ are the higher rates of Income Tax at 40% and 45% (17%). CGT (9%), the basic rate of Income Tax at 20% (8%), VAT, and Council Tax (both 7%) follow in the list of what HNWIs deem ‘unreasonably high’ taxes.
“Post Budget, there has been a begrudging acceptance that tax rises, overt and hidden, are here for at least this Parliament. The proposed changes to the treatment of pensions on death, to bring them within the IHT regime, has been met with general frustration; the industry expectation however is for the complexity to be reduced and perhaps a replication of the rules that were in existence pre-April 2015.
The new rules will come in from April 2027. As an interim measure, many clients are seeking to draw a flexible income from their pensions. This can be used to affect lifetime gifting using the Gifts Out of Regular Income rules. Although additional Income Tax is suffered, the beneficiaries are expected to pay both IHT and Income Tax on receipt so there is likely to be a tax advantage. Added to this is the ability to utilise the funds now for their own needs.
The impact on farmers of the limiting of Agricultural Relief is seen by many as a blunt and ill-conceived instrument, ignoring the impact on food price inflation, the nature of the asset class (farmland), and, perhaps, the politics of envy. Celebrity farmers or generational family farms treated as equivalent.
Of far more concern is the impact - both financial and psychological - of the increase in Employer National Insurance. Many HNWIs own, run or are in senior positions within corporate organisations. The impact to remuneration policies and hiring strategies is yet to come through to the employment numbers or wage inflation figures - it is expected that hiring freezes, lower pay rises and delayed investment will have a significant impact on UK growth.
Companies will pass on the increased costs which will in turn lead to more inflation in the economy, but companies are likely to be more resistant to wage inflation. On the psychological front, employers and employees are being more pessimistic about growth and the economy in general. Employees recognise the impact this tax rise will have on them - albeit as an indirect tax on working people.”
Gianpaolo Mantini
Chartered Financial Planner at Saltus
Taxes holding back growth
More than four in ten (43%) HNWIs think high tax rates are the single biggest barrier to economic growth, with just 7% not thinking high taxes are a barrier.
When it comes to specific taxes, HNWIs point firstly to personal tax and secondly to business taxes as being the biggest barriers to growth. The higher rates of Income Tax at 40% and 45% are seen as the most detrimental and cited by 17% of HNWIs as a significant barrier to growth.
Meanwhile, 14% of HNWIs say taxes on businesses are too high, with both Corporation Tax and Employer National Insurance cited as barriers to growth and investment.
One in ten (10%) HNWIs also said the basic rate of Income Tax at 20% was a barrier to growth, while the taxes thought to have the smallest impact on UK economic growth were Council Tax (2%), Stamp Duty on second homes (3%) and Stamp Duty on primary residences (4%).
Tax change expectations
Eight in ten HNWIs expect the Labour Government to raise taxes further in the next 12 months
There was huge speculation before the Budget that the Government would make sweeping changes to the UK tax system, and a number of key announcements – most notably on IHT, CGT and Employer National Insurance – materialised. But the expectation from HNWIs is that there could be more to come, with eight in ten (83%) saying they expect the Government to raise taxes further in the next 12 months.
The taxes most likely to rise, according to HNWIs, are CGT (38% of the sample thinking further increases were likely), Income Tax (37%), IHT (35%), and pensions relief (33%), while a quarter (25%) even expect Labour to raise Employer National Insurance again, despite widespread condemnation from businesses after the increase in last year’s Budget.
One in four (25%) think VAT will rise and 25% think Employee National Insurance could be the next target. Just 17% of HNWIs do not expect Labour to raise any taxes in the next 12 months.
The taxes HNWIs expect the Labour Government to raise further in the next 12 months
Personal finance

Overview
HNWIs’ confidence in their own finances falls slightly, but remains strong overall
While HNWIs’ confidence in their own personal finances has fallen slightly from 91% to 85%, it remains high, with those ‘very confident’ holding steady at 41% (42% last time).
When asked about what they see as the biggest risks to their personal wealth, inflation (52%) and tax changes (47%) come out top, up from 26% and 22% respectively in the previous Saltus Wealth Index Report. This is a significant rise, and in line with the general concerns of HNWIs about current tax rates and future tax rises.
In terms of HNWIs’ biggest worries, ‘health’ has been knocked off top spot, with the ‘economy going down’ now the biggest worry for HNWIs, cited by one in five (22%), up from just 8% in the last Saltus Wealth Index Report.
3% say their single biggest worry is being a victim of crime, while one in four (24%) say ‘cyber security threats’ is the biggest threat to their wealth. These fears are understandable given that a third (33%) of respondents have lost money to cyber criminals – losing almost £10k on average. 34% of these (11% overall) were targeted in the past six months.
The addition of VAT to private school fees has been a key theme in the Wealth Index ever since Labour first announced its intentions to make the change in its pre-election manifesto, and it remains so in this edition.
One in ten (11%) HNW parents with children currently at private school say they are considering removing them and sending them to their local state school as a result of the addition of VAT to private school fees. A further 31% are planning to make a change to their child’s current education due to VAT, but not sending them to state school. This includes moving to a less expensive private school (10%), moving from boarding to becoming a day pupil at their existing school (10%), moving abroad to send them to private school (7%), or home schooling their children (4%).
Financial markets have on the whole remained relatively resilient. Despite tax fears and a fall in confidence in the economy overall, HNWIs actually feel significantly less anxious about their own personal wealth than they did six months ago. 36% say they feel anxious compared to 71% in August 2024, while the number saying they feel their money gives them freedom has stayed largely flat at 85% (88% last time).
Over the previous six Wealth Index Reports, pensions have been a controversial subject amongst HNWIs. When the then Chancellor Jeremy Hunt scrapped the Lifetime Allowance and increased the Annual Allowance in March 2023 it was welcomed by HNWIs, with 42% saying they planned to make use of the new, full allowance.
Yet, despite speculation that these decisions may be reversed by the Labour Government – and 33% of HNWIs specifically stating they expect changes to be made to pensions relief in the next 12 months – significant numbers of HNWIs are still not making use of their full annual pensions allowance. Just 7% of respondents invested the full £60k in the last tax year, and only fractionally more (9%) plan to do so this year.
Confidence in own finances
HNWIs’ confidence in their own personal finances remains high
Despite a significant fall in overall confidence in the UK economy, HNWIs’ confidence in their personal finances has only dropped slightly from 91% to 85%, with those very confident remaining flat at 41% compared to 42% last time. This could be a product of financial markets, which for the most part did not see declines prior to or while the fieldwork was conducted.
Over 55s remain least confident in the economy, consistent with the previous Saltus Wealth Index Report, but 78% of this age group are still confident in their own finances. The age group most confident about their own financial prospects are those under 34, where 94% are confident, and the majority of those (57%) are very confident.
Confidence among those with older children (18+) tracks below the overall picture at 76%, while those with younger children (under the age of 18) are far more confident (91%), suggesting greater worry in the short term but more confidence in the long term. This aligns with HNWIs’ collective views towards the economy as a whole.
HNWIs’ confidence in their own finances
Risks to wealth
Inflation and tax changes perceived as the biggest risks for wealth in 2025
Inflation and tax changes are seen as the top two risks to wealth, which remains consistent with the previous Saltus Wealth Index Report. However, concern relating to both issues have seen sharp rises – inflation up from 26% to 52% and tax changes up from 22% to 47%.
Despite the headline rate of inflation falling from 9.6% in October 2023 to 2.5% now, inflation remains the number one risk for HNWIs, with 52% seeing it as their single biggest concern, double the number last time (26%). With inflation having risen back up to 3.5% in December 2024, a level of scepticism amongst HNWIs remains around whether lower levels can be maintained longer term.
Geopolitical risk has overtaken interest rates into third place on the list of concerns, also doubling from 16% to 32% since the last Wealth Index Report, while high energy prices is cited as a major issue by 29%, up from 20% last time.
The only factors HNWIs deem smaller risks than they did six months ago are mortgage and exchange rates, falling from 14% to 6% and 18% to 14% respectively. This is in part reflective of the direction of travel of the Bank of England base rate, which dropped from 5.25% to 5% in August 2024, then to 4.75% in November and now to 4.5% in February 2025.
Biggest risks to personal wealth, according to HNWIs
Biggest worries
The economy declining is now the biggest worry for HNWIs
HNWI worries about the UK economy nearly halved over the course of 2024, falling from 14% in the December 2023 edition of the Saltus Wealth Index Report to 8% in August – the first Report following the election of the new Labour Government. However, fears about the economy have almost tripled in a year, rising to 22% today.
This significant increase means fears about the economy overtake health as the biggest worry for HNWIs for the first time since April 2023, with health now at 15% and flat on the 13% recorded six months ago.
The data also show a rise in concern about geopolitical risks, more than doubling from 5% last time to 11% this time, and reflective of ongoing issues in many parts of the world.
Paying school fees and their child’s education was the biggest worry for one in ten HNWIs with children under the age of 18 last time, and this is broadly flat, with 8% concerned about this today. However, the number of HNWIs who say the general wellbeing of their children is their single biggest concern has nearly tripled from 4% to 11%.
HNWIs’ biggest worries
Private school fees
More than four in ten (42%) children at private school could see their education disrupted following the addition of VAT to school fees
The Labour Government’s decision to add VAT to private school fees has been contentious and that feeling is reflected in the Saltus Wealth Index Report.
We first started tracking sentiment on this issue in the fifth edition of the Report in December 2023, around the time Labour first pledged to make the change should they win the election. At that time, 21% of parents with children at private school said they could remove their child from private school if VAT were added to private school fees.
By August 2024, after the election but before the VAT addition came into effect, this figure dropped to 13%. Today, now that the tax on fees has come into effect, 11% of HNWI parents say they could remove their child from the private school system and send them to their local state school as a direct result of VAT.
The impact of the decision to impose VAT on school fees does not stop there. A further third (31%) of HNW parents with children at private school say their child’s education could be disrupted in some way as a direct result of this policy. One in ten (10%) could be moved to a less expensive private school, 10% could go from being boarding to day pupils at their existing school, 7% of HNW parents say they could move abroad to send their children to private school, and 4% could home school their children. This means that, overall, 42% of privately educated children could see their education disrupted as a direct result of the addition of VAT.
The impact of rising school fees on HNWIs
If this were to materialise, the impact on the Treasury’s estimates could be significant, with VAT receipts impacted not only by those parents who could enrol their children in the state system but by those leaving private education for an alternative on which VAT is not payable, including moving abroad and home schooling, two options noted by 11% of HNW parents.
Fewer than half (48%) of HNW parents say the addition of VAT will have no impact and they will continue to send their child to private school, while 7% say they will have to call on the bank of mum and dad or friends and family for financial support.
For some, the sacrifices have already started, with three quarters (76%) of HNWIs saying they either already have or will soon have to make specific changes to allow for the addition of VAT on private school fees. The most common changes HNW parents have or plan to make are cutting down on holidays (42%) and everyday spending (37%), while 17% have already sought or plan to seek financial help, but not from family.
However, some are being forced to make more significant sacrifices to be able to afford the rise in school fees. One in four (24%) say they either have or will get a new job that pays more, 21% either have or will reduce their pension contributions, and 13% have dipped into their pension.
Almost one in five (17%) have taken out or will take out additional borrowing against their primary residence, 14% have or will downsize, while 14% have taken or will take out an unsecured loan.
“Through the Autumn many families will have started to realise the true impact of paying the increased cost on their day-to-day cashflow needs. Mapping out the impact theoretically is one thing, but feeling the reality is another. It is therefore unsurprising the percentage of people considering removing their child from private education stands at 22%.
There are two types of client who want to fund private education. In one camp, those that were afforded it as a child, and they want to provide the same opportunity to their own kids. In the other camp are the HNWIs who attended state school but have an aspirational goal to provide private education for their children. In other words, they want to provide an opportunity for their children that wasn’t available to them.
For clients in this latter camp, especially where we are reviewing their other goals such as the ability to retire, compromises, including those included in this Report, are becoming more of a common theme within our planning conversations.
n situations where actions are informed by emotion, the benefit of partnering with a financial planner is compounded. We can help to remove fact from fiction so that decisions can be made on an informed basis.“
Alex Pugh
Chartered Financial Planner at Saltus
Action taken or planning to take now private school fees are subject to VAT
Anxiety about money
HNWIs feel less anxious about their money than they did six months ago
Despite a significant drop in confidence about the economy and fears about tax changes, HNWIs are feeling less anxious about their own wealth than they were six months ago. In August 2024, nearly three quarters (71%) of HNWIs saw their money as a cause for anxiety, up from 65% previously, but this has now halved to 36%.
Furthermore, significant numbers of HNWIs still see their wealth as a source of freedom, with 85% holding this positive outlook. This is relatively unchanged compared with six months ago, when the figure stood at 88%. Those most likely to say they see their money as a source of freedom are HNWIs aged 25-34, where the figure is 88%.
This relatively unchanged sentiment, in contrast to the much changed feelings about the economy, could be due to the fact that, although there have been several unpopular tax changes announced since the Labour Government came into power, few have actually come to fruition yet. With inflation down 1.7% on a year ago, as well as the strong performance of global markets in the last 12 months, with the MSCI World Index having risen more than 19% since 1 January 2024 (MSCI), HNWIs’ anxiety remains in check.
HNWIs’ feelings of anxiety and freedom concerning their finances
HNWIs’ money anxiety over time
Respondents agree with the statement: My money makes me anxious
Pensions
Significant numbers of HNWIs not making use of full annual pensions allowance
While on average HNWIs have healthy pension pots, the majority are likely to fall short of what they will need to realise the retirement income they expect if relying on those pension savings alone.
On average, HNWIs’ pension pots are worth £520k, while the majority (58%) have a pension pot valued between £201k-600k, with 9% having more than £1m.
When it comes to partners’ pensions the average value stands at £445k, while 57% of respondents’ partners have a pension pot between £51-600k. 6% say their partner has more than £1m, while 12% are unsure of the size of their partner’s pension.
In terms of what they think they’ll need for a comfortable retirement, respondents estimate they would need a personal pension pot of £663k, or £704k for a couple.
However, in reality, individuals are likely to need retirement savings of almost £800k (£789,950), plus the full state pension, for a comfortable retirement – or just under £900k (£899,900), plus both state pensions, for a couple. This means not only are most pension pots falling short, but the majority of HNWIs are underestimating what they need. Therefore, most need to be making use of the full £60k allowance (equivalent of £5k a month) if they are going to fill that gap, but the data show that very few HNWIs are doing so.
Despite the increase in the Annual Allowance to £60k in April 2023, just 7% contributed the full amount last year. Most (68%) contributed between £10k and £40k into their pension last year, while the average contribution was £28,198, equivalent to just under £2,400 a month.
Four in ten (39%) respondents plan to contribute similar amounts to their pension in the coming year, with 9% saying they will contribute the full £60k. The average overall planned contribution for HNWIs this year is £29,413.
HNWIs’ planned pension contributions in the next year
Cybercrime
One third of HNWIs have been a victim of cybercrime
This edition of the Saltus Wealth Index Report revisited the subject of cybercrime – a topic previously explored in the first four editions – and found that a third (33%) of all respondents have been a victim of cybercrime. Of these, a third (11% overall) have been scammed in the past six months.
Of those who have been scammed, almost a quarter (23%) have lost more than £10k and 6% have lost more than £25k. The average amount stolen was £9,499.
Social media was the most common way in which HNWIs were contacted by a scammer, impacting 30% of those who have fallen victim to cybercrime. This is well ahead of email (19%), a phone call (19%) or online advertisement (12%). The most common types of scams cited by victims included credit card scams, card skimming and hackers.
By comparing this year’s findings with those previous, our data suggest that while cybercrime still presents a clear risk to HNWIs, instances are falling. In the first edition of the Wealth Index Report in August 2021, 49% of respondents said they had been a victim of cybercrime. This rose to 53% in February 2022 and 67% in November 2022, before falling back down to 41% in April 2023 and now to 33%.
These figures are in line with UK Finance data, whose Annual Fraud Report found that while the amount stolen through payment fraud is significant at almost £1.2bn annually, this figure is down by 4%, while the number of cases are also falling.
HNWIs as victims of cybercrime
Lifestyle

Overview
Significant pressures on HNWIs’ finances a cause for concern both personally and for the UK as a whole
Despite broad positive sentiment about their own personal finances, there are several pressures still facing HNWIs that are concerning for both individuals and the UK economy as a whole, perhaps the most notable being how much they are being relied upon for financial support.
This Report shows that not only is HNWIs’ traditional role as the ‘bank of mum and dad’ still key, but that this is expanding to become more of a ‘family bank’, with most HNWIs also supporting ageing parents. Furthermore, on top of this vital role HNWIs play in supporting their families, the data also suggest this group are fundamental in fostering the next generation of wealth creators in the UK, with many supporting homegrown start up businesses.
The findings also reveal that in extreme cases HNWIs are contemplating leaving the UK permanently, with many citing the fact that they do not feel the UK is a good place to raise a family or start a business as key reasons. Given HNWIs’ significant contribution to tax receipts and the country’s economic growth, these financial pressures should be viewed as a pressing concern.
Supporting others: children and grandchildren
Are HNWIs providing financial support to adult children due to the current economic climate?
Seven in ten HNW parents are providing financial support to adult children
The latest Saltus Wealth Index Report shows that HNW parents remain an important source of financial support to their adult children and grandchildren, with almost three quarters (73%) providing some sort of financial help.
Of those who are providing regular support, 64% (27% of total respondents) say they have always done so, 18% (8% of all respondents) say they are providing this regular support in direct response to the current financial climate and 17% (7% of all respondents) say the regular support they provide is falling due to the current economic environment.
Amongst HNW parents who have offered support to their adult children in the form of a lump sum, 77% (24% of all respondents) say the contribution was nothing to do with the current financial climate, while 24% (7% of all respondents) say it was.
A further 7% say they are still providing support but doing this less in the current climate, while 4% have stopped providing support altogether. Just one in ten say they have never provided any financial support to their adult children.
The top three ways in which HNW parents are funding support is through excess income, up from 21% last time to 41% today, investments (31%) and by cutting down on discretionary spending (18%). The number of HNWIs taking more out of their pension stands at 10%, but this has fallen from 17% six months ago.
In our August 2024 data, the top reason for parents providing financial support to their adult children was for a house deposit (19%), followed by a car purchase (13%) – both of which have increased slightly to 23% and 19% respectively. The average amount of support provided has also increased by 10% in the last six months, to £7,527 from £6,871.
Reason why HNWIs are providing this support
Supporting others: parents and grandparents
Two thirds (68%) of HNWIs provide financial support to their parents or grandparents
For the first time we asked HNWIs whether they are providing financial support to their own parents to gauge the financial strain HNWIs are feeling by supporting family members, old and young. We discovered that one in four (26%) are providing regular financial support to their parents, regardless of the financial climate, while 5% have provided one off lump sum support.
One in five (19%) HNWIs said they have started to provide regular financial support to their parents due to the current economic environment, while a further 5% provided a lump sum to their adult parents due to the current economic environment.
The expenses that HNWIs are most likely to be helping their parents pay for are shopping (45%) and bills (43%), rent or mortgage payments (26%), while 19% have paid for a medical procedure.
Of those who are providing financial support to their parents, 12% are also providing support for adult children or grandchildren.
“Over recent years, we have noticed a shift in how HNWIs are supporting their families, largely in response to the rising cost of living. Previously, financial assistance was primarily directed toward milestone purchases like first homes or university fees. Now, more clients are stepping in to help with day-to-day expenses. The escalating cost of childcare, for example, has led to a noticeable increase in grandparents contributing to nursery fees and childcare support. Similarly, as rental prices surge, many parents are helping their adult children with rent or even investing in buy-to-let properties to provide stability.
We have also observed a growing number of clients looking to support their elderly parents financially. While this has always been a concern, the significant rise in later life care costs has made it a more pressing issue. Many HNWIs are now incorporating care home fees, home adaptations, and in-home care expenses into their financial strategies to ensure their parents receive quality care without jeopardising their own financial future.
Additionally, multi-generational living arrangements are becoming more common, with families pooling resources to mitigate expenses. Some clients are purchasing larger properties to accommodate aging parents, while others provide ongoing financial assistance for healthcare and daily living costs. This shift highlights the importance of comprehensive estate and financial planning to balance immediate family needs with long-term wealth preservation. Consulting a financial adviser is crucial in structuring assets efficiently to support both short-term obligations and long-term legacy goals.”
Kwasi Yeboah
Chartered Financial Planner at Saltus
Things most commonly paid for by HNWIs for their parents
Supporting growth
Half of HNWIs have or plan to invest in early stage businesses
Beyond their family commitments, HNWIs are also key contributors to the wider economy by providing essential funding for and support to start up businesses and entrepreneurs. More than a quarter (26%) of HNWIs have already invested in early stage businesses and a further 27% say they plan to do so. However, this is down on six months ago, when over a third (38%) said they had already invested in early stage businesses and a further 47% said they planned to do so.
While HNWI support for the next generation of wealth creators is also evident through non-financial support such as mentoring, the number of respondents that provide this type of support has also declined. One in five (21%) mentor younger entrepreneurs – while a further 26% plan to do so – but this is down from 38% and 46% respectively.
This marked decline in HNWI support for start up businesses over the past six months is a concerning trend because it could have a ripple effect on the broader UK economy. Start ups are a key driver of innovation, job creation and economic growth, and reduced funding from HNWIs may limit the ability of these businesses to scale, innovate and compete, ultimately stifling entrepreneurial growth.
How HNWIs are supporting others in creating wealth and driving growth
Worrying numbers of HNWIs considering leaving the UK permanently in the next 12 months
More than a quarter (28%) of HNWIs are considering leaving the UK. Of those, the most common reason given is because they feel the UK is no longer connected to the world following Brexit (18%), while 15% do not feel it is a good place to raise a family, rising to 19% of those aged 35-44.
15% cite the addition of VAT to private school fees as the reason why they want to leave – this reflects the Report’s earlier findings that 7% of parents with children at private school say they are considering moving abroad in direct response to the decision to impose VAT on school fees.
Changes to IHT was also the stated reason for one in seven (14%), a similar number to the 18% of Labour voters that now regret their decision due to the changes the Government has made to IHT, while 11% said they did not think the UK was a good place to start a business.
This chimes with wider findings within the Report, namely the fall in HNWI support for start up businesses, the fact 25% of respondents think the regulatory burden on businesses is a major barrier to economic growth and the 16% of Labour voters who say they regret their decision due to the impact the new Government’s policies have had on business.
The United States is the destination of choice for HNWIs, with 17% of those considering leaving saying America would be their primary choice. This was followed by the UAE (9%), Spain (8%), Canada (8%), and Australia (8%).
HNWIs are typically ambitious and globally mobile, so it is no surprise that many aspire to live and work abroad at some stage in their lives. This is supported by the fact that one in 20 (5%) do not plan to relocate permanently to one location. This ambition is particularly evident among younger HNWIs, with interest diminishing in older age groups. However, the possibility of a significant number of HNWIs leaving the UK warrants attention given the critical role this group plays in driving the prosperity of the UK economy.
“We have seen several HNWIs working for non-UK based companies considering relocating for financial and lifestyle reasons. In most cases, these individuals have accountants that specialise in both UK and local taxes. A general trend is for younger HNWIs working for global companies to consider relocating globally. We have also found older clients more reluctant to move due to family ties, or the additional complexity associated with their finances.
If you are planning on moving outside of the UK, it may be possible for your investments to continue to be managed, however you may not be able to receive an ongoing financial planning service. There are additional complexities to navigate, such as the tax treatment in the country of residence (particularly the United States) and the number of days that are spent outside of the UK.
If you are considering leaving the UK, it is really important engage with the relevant professional connections such as specialist lawyers and tax advisers.”
Lawrence Brady
Financial Planner at Saltus
Why HNWIs are considering moving abroad permanently
Destination of choice for HNWIs permanently leaving the UK
Methodology

- 2,000 UK respondents (aged 18+) who have £250k+ investable assets – full breakdowns on age, assets, sex, etc.
- 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 have 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, Mi multiplied by their corresponding weights, wi.
- Confidence in respondent’s own finances
- Confidence about UK economy
- Proportion of people who don't view interest rates, inflation, rising mortgage rates or high energy prices as one of their biggest risks to wealth
- Confidence in London remaining as Europe’s financial capital
- Anxiety about money
- Belief in 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 300 people, and we have the privilege of looking after over £7bn for our clients.
Meet the experts
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.
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