"Although economic confidence has increased among high net worth individuals (HNWIs) in the UK, according to the latest Saltus Wealth Index Report published today, HNWIs have retained a cautious outlook, with fears over tax reform and inflation continuing to weigh heavily. The Saltus Wealth Index Report - now in its eighth edition and produced in partnership with Dr Michael Peacey of the University of Bristol - is the benchmark measure of HNWI sentiment in the UK, taking the pulse of 2,000 people with investible assets of £250,000 or more."
"The latest Wealth Index now stands at 64.7, reflecting improved confidence since the record low in February this year when it stood at 58.2. Despite this, it still sits well below the high of 67.88 recorded in February 2022. Today, two thirds (66%) of HNWIs say they are confident in the UK's economic outlook. While this is a reflection of strong market performance following the Trump tariff trough, today's confidence levels remain significantly down on the 84% recorded a year ago, after the Labour Government came to power but before its first Budget. One in four (24%) HNWIs cite 'the economy going into recession' as their biggest worry, and confidence among older HNWIs remains flat, with only 15% of over 55s holding a positive economic outlook."
"With speculation mounting that the Chancellor could target housing, wealth and inheritance tax in November's Autumn Budget - including rumours of a potential 'mansion tax' or stamp duty reform - the latest Wealth Index Report shows that tax remains a top concern for HNWIs. 78% expect tax rises within the next 12 months and almost half (46%) see tax changes as 'the biggest single risk to their wealth' - second only to inflation (58%). Four in ten (40%) say they anticipate higher levels of Income Tax, despite the fact that one in four (24%) believe higher rates of Income Tax are already 'unreasonably high' and a key barrier to economic growth."
Economic confidence among UK high net worth individuals has improved, with the Wealth Index at 64.7, up from 58.2 in February but below the 67.88 peak of February 2022. The survey covers 2,000 people with investible assets of £250,000 or more. Two thirds (66%) report confidence in the UK outlook, down from 84% a year earlier. One in four (24%) cites recession as the biggest worry and only 15% of over-55s are positive. Tax tops concerns ahead of the Autumn Budget: 78% expect tax rises, 46% see tax changes as the biggest risk, and 58% cite inflation as the leading risk.
Read at London Business News | Londonlovesbusiness.com
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