Three-quarters of affluent Londoners expect London to continue as Europe’s leading financial centre over the coming decade, according to research from the wealth manager, Saltus.
The Saltus Wealth Index also showed that, while high-net-worth individuals (HNWIs) with investable assets of over £250,000 have a positive outlook about prospects for the UK economy, they were less confident when it came to their own money.
Saltus found that HNWIs based in Greater London were more than twice as likely to feel ‘very confident’ about the UK economy over the next six months, compared with those living in the West Midlands.
But the research went on to find that nearly two-thirds of HNWIs feel anxious about their money, with younger people much more likely to experience anxiety compared with older generations.
The research also found that the greater an individual’s net wealth, the more concerns that person had about money. Over half (54%) of those with assets between £250,000 and £1 million said they felt anxious about their money, compared with two-thirds of those with assets over £1 million.
The index surveyed the attitudes of over 1,000 people. According to Saltus, respondents accused Covid-19 as being the biggest threat to their wealth, with almost a third blaming the long-term impact of the pandemic as having the greatest impact, followed closely by inflation.
Jon Macintosh, founding partner at Saltus, said: “The research has revealed that most respondents have some concerns over the longer-term, with a majority saying their money makes them feel anxious.
“There are a number of factors causing these feelings of unease, including lingering post-pandemic uncertainty, which highlights more than ever the importance of having a robust financial plan in place, for both financial and personal wellbeing.”
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