Almost a third of UK high net worth individuals (HNWIs) are considering moving abroad, up from 25% 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% of respondents were actively exploring a permanent move overseas within the next 12 months, while a further 22% said they could consider leaving in future. The combined proportion has risen from 25% a year ago and 14% 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% actively exploring leaving the UK within a year and a further 29% open to the possibility.

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

Personal circumstances were the most commonly cited reason for considering relocation, at 35%, followed by financial concerns at 31%, political factors at 19% and cultural considerations at 15%. Tax remained a significant issue, with 18% 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% from 66%.

Four in ten respondents identified tax changes as a key risk to their wealth, with 70% concerned about further pension changes and 67% worried about a potential 10% 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.”

Henrietta Grimston, a chartered financial planner at Saltus, 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% favoured a country within the European Union. Spain and the US were the most popular individual destinations, each cited by 14%, followed by the United Arab Emirates (UAE) at 10%, Australia at 8%, and Canada and Portugal at 5% 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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