Confidence among UK high net worth individuals (HNWIs) has fallen further over the last six months, according to the 10th edition of Saltus Wealth Index report published this week.

Confidence among HNWIs is continuing to weaken, as speculation about possible tax and wealth policies under UK Prime Minister Andy Burnham’s government has proposed, or could propose, has caused high levels of anxiety and concern. These are findings from the latest Saltus Wealth Index.

Now in its 10th edition, the Saltus Wealth Index has tracked the views, hopes and fears of the UK’s HNWIs since 2021. Supported by Dr Michael Peacey of the University of Bristol, the report has become a benchmark measure of HNWI sentiment in the UK.

The report covers 2,000 UK respondents (aged 18+) who have £250,000 ($332, 000) or more investable assets, not including primary residence, full breakdowns on age, assets, gender, and so on. It was carried out online in August 2026, with some of the figures rounded to the nearest whole number. The original data provided by Censuswide included data accurate to 13 decimal points.

The Index, a biannual barometer of HNWIs confidence in the UK economy and prospects for their wealth, has fallen from 64.7 a year ago to 60.3. Overall, confidence in the UK economy has dropped from 66 per cent to 56 per cent in 12 months, remaining well below the 84 per cent recorded ahead of Labour's first budget in August 2024.

The fall in confidence is driven by concern over the new government’s tax policies, with 67 per cent worried about a potential 10 per cent death tax on all estates and 62 per cent worried about a possible annual wealth tax, the report reveals.

Other primary concerns are the potential for further changes to Inheritance Tax (67 per cent), pensions (70 per cent), including fears that Burnham will remove the tax-free lump sum, and ISAs (66 per cent).

Respondents in the report have an average net worth of £4.2 million, including a main home worth just over £1 million on average, showing that property represents a significant proportion of their overall wealth.

Nearly two thirds (64 per cent) are worried about a land value tax being added to or replacing existing property taxes such as the Council Tax, and 60 per cent are concerned about a reduction in the cap on lifetime gifting, which is one of the main routes for passing assets to children and grandchildren during a lifetime.

Property complicates the picture further, the report shows. Seven in 10 HNWIs plan to use their main home to fund at least part of their retirement, so the same asset many are relying on for later life is also the one they hope to pass on. That results in increased anxiety about taxation during their lifetime. With pensions now in scope for Inheritance Tax, families are also having to weigh how much to keep for their own future against how much, and how early, to pass on.

Pensions are the single biggest concern in the research, with 70 per cent of HNWIs worried about further potential reform, including 66 per cent who are concerned about the removal of the pension tax free lump sum. Concern about changes to ISAs is almost as widespread, sitting at 66 per cent.

“The prospect of a 10 per cent tax on estates is a clear worry, with two thirds of HNWIs concerned and almost a third very concerned. This is no longer a theoretical issue for families – it is becoming part of the conversation about when, how, and how much wealth should be passed on to the next generation," Mike Stimpson, partner at wealth management firm Saltus, said.

“We are seeing the same concern across pensions, ISAs, Inheritance Tax, gifting and wealth taxation. Back in 2021, in the first edition of the Saltus Wealth Index Report, some of these policies barely featured in the debate. Today, they are shaping how HNWIs think about their financial futures.”

“With the Autumn Budget approaching, greater clarity is vital,” he continued. “Families need to understand not just what changes might be introduced, but the wider direction of travel for wealth and taxation in the UK.”