Winds of Worry: High Net‑Worth Residents Sound the Alarm on UK Economics
It turns out that even the rich are feeling a bit of a chill in the air. Saltus’s latest Wealth Index Report (no fancy HTML needed) shows confidence in the UK’s economy falling faster than a hot‑pot of cash in a bank that’s seen better days.
Where Are the Banks of Confidence Ticking Down?
- Greater London – 65% of wealthy Brits feel hopeful (down 13% from 78%). Still the brightest bubble in England.
- East of England – The biggest drop: from 90% to 29% (wow, that’s a 61% plunge!).
- East Midlands – 52% drop: 87% to 35%.
- South East – 44% fall: 69% to 25%.
- West Midlands – 42% decline: 87% to 45%.
- Scotland – 41% slip: 87% to 46%.
- Other regions such as North East, North West and Wales also slipped, but not as steeply.
Only four regions keep more than half of HNWIs feeling bullish: London (65%), Wales (67%), North East (63%) and Northern Ireland (60%). The rest are right along the “let’s not panic” border line.
Meet the Tory (and Tax) Troubles
- Tax worries loom like a looming storm: 83% of wealthy individuals predict more taxes next year.
- Expectations for Capital Gains Tax (38%), Income Tax (37%) and Inheritance Tax (35%) are very real.
- VAT on private school fees is not helping; 42% of private‑school parents are seriously thinking about moving their kids to cheaper schools or state education.
Personal Finance – Still Pretty Lit?
Even with the macro wobble, most high net‑worth folks are still feeling good about their pockets. Yet some regions are starting to feel the squeeze: Northern Ireland’s personal finance confidence down from 93% to 73%, East of England from 95% to 82%, and the East Midlands from 98% to 85%.
Industry Voices
Mike Stimpson, partner at Saltus, calls the trend “a stark picture of declining confidence.” He warns that ongoing tax hikes, business uncertainty and living‑cost spirals are turning investment risks into economic headaches. If the rich are shaken, investors and entrepreneurs might be too—leading to a vicious cycle of gloom.
Bottom line: The wealth club is not feeling the same sunshine as before. Big numbers, tiny hope: the UK’s economic confidence is at the lowest point ever recorded by Saltus’s index, which now sits at 58.2 nationwide.
Keep an eye out for more updates—because even the world’s richest folks need some reassurance now more than ever.
