High net worth individuals’ (HNWI) concerns about global trade and geopolitical instability are rising amid renewed uncertainty following Donald Trump’s return as US President, according to research from Saltus.

The wealth management firm’s survey of UK adults with assets of £250,000 or more found that almost a third (32 per cent) viewed geopolitical risks as a key threat to their personal wealth.

This was the third most cited risk after inflation (52 per cent) and changes to the UK tax system (47 per cent).

HNWIs were also found to be bracing themselves for heightened tensions around global trade, with 25 per cent identifying trade policies, including tariffs and international disputes, as one of the biggest barriers to UK economic growth.

The same proportion (25 per cent) cited concerns around the regulatory burden on businesses, ahead of issues such as infrastructure and climate change (both 19 per cent).

Saltus noted that concerns around geopolitical risks were likely to intensify with Trump in the White House, with investors increasingly focused on how his approach to trade and foreign policy were impacting their portfolios, businesses, and long-term financial planning.

When asked to identify their single biggest concern for the year ahead, economic decline ranked top (22 per cent), ahead of personal health (15 per cent) and the wellbeing of their children (11 per cent), with geopolitical risk ranked fourth (also at 11 per cent).

“HNWIs were already acutely aware of the global forces shaping their financial future, even before the latest developments in global politics and the impact on the markets,” stated Saltus partner, Michael Stimpson.

“Trade tensions and geopolitical risk were front of mind at the start of the year, so with Trump back in office, mounting concerns over tariffs and the impact on global economies, those fears are likely to grow.

“Clients are increasingly looking to us for help creating financial plans to manage these uncertainties, whether that’s adjusting portfolios, diversifying investments or planning for longer-term economic shifts.

“During any period of volatility, it’s important to take a step back from the noise and focus on what you can control, and no one can control the stock market. Often, the most powerful action you can take in unsettling times is to do nothing at all.

“When we look to recent history, there have been many moments when the geopolitical picture looked deeply worrying, yet markets have continued to rise over time. That perspective matters.”

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