Three in 10 wealthy Britons mull UK exit amid confidence slump

Almost a third of UK high net worth individuals (HNWIs) are considering moving abroad, up from 25 per cent a year ago, as confidence in the economy weakens and concerns over tax policy grow, according to research from wealth manager Saltus.

The latest Saltus Wealth Index Report found that 8 per cent of respondents were actively exploring a permanent move overseas within the next 12 months, while a further 22 per cent said they could consider leaving in future.

The combined proportion has risen from 25 per cent a year ago and 14 per cent six months ago for those who could consider leaving, highlighting growing unease among wealthy households.

Those with net worth of at least £5m were the most likely to be considering a move, with 15 per cent actively exploring leaving the UK within a year and a further 29 per cent open to the possibility.

Younger respondents were also more likely to consider relocating, with 14 per cent of under-25s actively considering a move and 40 per cent saying they might do so in future. However, 70 per cent of respondents overall had no plans to leave.

Personal circumstances were the most commonly cited reason for considering relocation, at 35 per cent, followed by financial concerns at 31 per cent, political factors at 19 per cent and cultural considerations at 15 per cent.

Tax remained a significant issue, with 18 per cent of respondents saying they would consider changing their tax residency or moving abroad if capital gains tax rates were aligned with income tax rates.

The findings come as the index fell to 60.3 from 64.7 a year ago, while confidence in the UK economy dropped to 56 per cent from 66 per cent.

Four in 10 respondents identified tax changes as a key risk to their wealth, with 70 per cent concerned about further pension changes and 67 per cent worried about a potential 10 per cent tax on estates and further inheritance tax (IHT) changes.

Saltus partner, Mike Stimpson, said: “What it does show, however, is a marked change in the way people are thinking. Leaving the UK has moved from a distant idea to something that a growing minority are actively testing against their family, financial and personal circumstances.”

Saltus chartered financial planner, Henrietta Grimston, added: "I have seen a substantial increase in clients querying the viability of a move abroad, with a clear goal being to reduce future IHT concerns. But the practicalities of moving abroad and cutting ties with the UK are often complex."

Among those considering leaving, 33 per cent favoured a country within the European Union. Spain and the US were the most popular individual destinations, each cited by 14 per cent, followed by the United Arab Emirates (UAE) at 10 per cent, Australia at 8 per cent, and Canada and Portugal at 5 per cent each.

The report was based on an online survey of 2,000 UK adults with at least £250,000 in investible assets, excluding their main residence, conducted by Censuswide in August.

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