UK Millionaires Fear Taxation and Government Policy Over Economic Risks

High net worth investors in the UK are increasingly concerned about the impact of government policy and taxation on their wealth, according to new research from Wealth Club. The survey found that nearly half (47%) of respondents cited higher taxes as the biggest threat to their wealth, while over a quarter (26%) highlighted government policy as the main concern.

Macroeconomic and market risks such as inflation and volatility were considered threats by only around 3% and 6%, respectively. Investors are also pessimistic about the UK economy, with seven in ten (70%) saying they have little or no confidence in its prospects over the next 12 months.

The survey also found that nearly two thirds (63%) of respondents expect inflation to increase over the next year, while nearly six in ten (58%) believe interest rates will rise. Almost all (97%) think taxes will definitely or probably increase over the same period.