High-net-worth-individuals (HNWIs) in the UK have a positive outlook for the prospects of the economy with most singling out London as the driver behind UK Plc, according to new data shared with City A.M. this morning.
Confidence in London’s financial pulling power remains, with 68 per cent saying that London will continue to be Europe’s financial capital in the coming decade.
This rises to 75 per cent amongst Londoners and 76 per cent amongst those in the South-East. The feeling is strongest amongst those aged 18-24 and 45-54, with both at 72 per cent, according to data from the inaugural Saltus Wealth Index, which surveyed surveyed attitudes of over 1,000 people in the UK with investable assets of over £250,000 about how they felt about the UK economy, their own wealth and what matters most to them personally.
The research found that most (80 per cent) respondents have confidence in the future of the UK economy with a third (33 per cent) feeling “very confident”.
However, this decreases with age, with just 5 per cent of over-65s saying they feel ‘very confident’ compared with nearly two fifths (37 per cent) of those aged between 18-54.
HNWIs in Wales have the least confidence in the UK economy, with only 28 per cent being ‘very confident’ in its future.
“The UK faces a series of unprecedented challenges, with recovery from the pandemic, decarbonising the economy and addressing historic inequalities all major priorities,” said Michael Stimpson, Partner at Saltus.
“It is therefore reassuring to see that they are optimistic about the UK’s recovery prospects and their own finances – with nine-in-ten saying they feel confident about the next six months,” he added.