Britain's affluent are increasingly eyeing the exit door, with new research revealing that one in four high net worth individuals have contemplated permanent relocation abroad.
The Saltus Wealth Index highlights a striking trend among those with at least £250,000 in investible assets beyond their primary residence.
Brexit, inheritance tax and concerns about Britain as a suitable environment for raising families emerged as the main reasons, according to the survey.
This feeling persists despite a modest recovery in economic confidence to 64.7, though that figure remains below pre-Budget peaks.
The findings show a group that feels increasingly disconnected from post-Brexit Britain and worried about the nation's tax system and future prosperity.
Nearly one in five wealthy individuals believe Britain has lost global connectivity since leaving the European Union.
A further 14 per cent doubt Britain is suitable for family life, despite 90 per cent sending their children to independent schools.
These statistics show that concerns extend beyond finances and include lifestyle and legacy planning.
The affluent are increasingly eyeing the exit door
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Jon Macintosh, Managing Partner, said the latest Wealth Index highlights a group often ignored in debate. "The report highlights the views of a constituency that is often overlooked and has its ambitions and values denigrated or subordinated to other agendas. That constituency is of course high net worth individuals (HNWIs). HNWIs matter."
The Index has risen to 64.7 from a low of 58.2 after the first Labour Budget, but remains below last summer’s levels. Mr Macintosh cautioned: "A pinch of salt is required when considering this current number … respondents might feel more prosperous, but they do not feel more secure.”
He said "large numbers of respondents are considering leaving the UK" and warned many feel unfairly taxed and squeezed by supporting both parents and children. He added: "About half of those who voted Labour now wish they hadn’t."
But Mr Macintosh pointed to one positive sign: "HNWIs report in larger numbers than before that they are participating in nurturing the next generation of business whether that be in investment or in practical assistance such as mentoring."
America was the most popular choice when looking abroad, attracting 22 per cent of those considering departure
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When looking abroad, America was the most popular choice, attracting 22 per cent of those considering departure. Canada was the second preference at 12 per cent, followed by Australia at 8 per cent and the United Arab Emirates at seven per cent.
These choices reflect a desire for English-speaking nations with strong economies and familiar legal systems. Analysts say America’s appeal is linked to its lower taxes and business-friendly policies compared to Britain.
Saltus defines high net worth individuals as those with £250,000 or more in investible assets, excluding their main home.
This group is a key part of Britain’s economy, meaning their possible departure raises concerns for future growth and entrepreneurship. The wider economic picture reveals a group split between cautious optimism and ongoing worry.
The Saltus Wealth Index rose from January’s value of 58.2 but remains below the August 2024 peak of 66.9, reached before Labour’s first Budget.
This rebound followed strong market performance after trade tensions in America eased, but researchers said it reflected relief rather than renewed confidence.
Nearly four in ten wealthy individuals said they still felt financial anxiety, with 78 per cent expecting more tax rises in the next year.
Capital gains tax was the most likely target, predicted by 46 per cent, followed by employers' national insurance at 41 per cent and income tax at 40 per cent.
These expectations are influencing decisions, with more wealthy Britons seeing tax changes as the second-greatest threat to their wealth after inflation.
The uncertainty has prompted action, with 39 per cent now planning to gift assets to their children, up from 33 per cent six months earlier.
LATEST DEVELOPMENTS:
Confidence has fallen since pre-budget peaks
| GB NEWSThese steps show a shift in how Britain’s wealthy approach money management.
Rather than focusing only on growing wealth, many are taking measures to shield assets from policy changes.
The trend underlines a growing belief that protecting existing wealth has become more important than pursuing new opportunities in today’s uncertain fiscal climate.
Britain’s wealthiest are balancing limited optimism with heightened caution, as tax concerns and family considerations continue to shape decisions about their future.