HNWIs expect non-salary income to make up greater share of earnings

High net worth individuals (HNWI) are increasingly expecting a greater proportion of their total annual earnings to come from non-salary income, research from Investec Bank has shown.

It found that the pay structure among HNWIs was evolving, with non-salary income, such as through carry distributions, bonuses, dividends, and business sale proceeds, to account for a greater share of total earnings in future.

The vast majority (85 per cent) of HNWIs said they anticipated a higher proportion of their total annual income to come from non-salary sources, with 64 per cent expecting it to rise slightly and 21 per cent anticipating a significant increase.

Just 15 per cent of HNWIs believed the proportion of income from non-salary sources would not increase.

Investec said this trend appeared to already be underway, with 50 per cent of HNWIs stating that the level of income they already receive from non-salary earnings had increased, including 11 per cent who said it had increased dramatically.

Two fifths (40 per cent) of respondents said income from non-salary sources had remained the same, while 10 per cent had seen it decrease.

When asked about their overall level of annual income, 89 per cent expected it to be higher this year than in 2025, with 63 per cent anticipating it to be significantly higher.

A further 11 per cent believed that their overall income would stay around the same, while less than 1 per cent expected it to fall.

Of those anticipating higher total annual income, 63 per cent said they expected a significant increase in income from employment, such as a larger bonus.

More than third (38 per cent) said they expected to receive additional variable pay, such as carry or proceeds from a business sale, while 9 per cent expected higher income from their own investments.

“This shift reflects a more uneven income environment,” commented Investec Private Bank private banker, Emily Cvijan.

“As a greater share of earnings comes from non-salary sources such as carry, bonuses, dividends and business sale proceeds, income can become less predictable and more dependent on the timing of distributions, exits and other one-off events rather than regular salary cycles.

“That can make cashflow harder to manage, particularly when people are planning for significant purchases such as a home. That is why it is important to look at the full picture of someone’s earnings, assets and projected cash flows, so they can structure their lending and liquidity around irregular income.”

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