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UK High Net Worth confidence grows through 2022

Market recoveries fuel HNW confidence suggesting a positive start to 2023 for wealth managers and luxury brands.

David Barks Senior Director 03/03/2023
The UK’s wealthiest feel the benefits of recovering equity markets despite lingering concerns about inflation and market volatility.
Millionaires remain optimistic despite global economic uncertainties

UK High Net Worth (HNW) confidence has continued its recovery through 2022 to reach 128 in Q4, almost achieving the high of Q2 2021 when equity markets were last at their most bullish as the pandemic fears subsided. Millionaires are particularly very positive about their personal circumstances though inflation and other pressures on the global economy continue to weigh on their thinking.

The bullish markets since October have pushed up confidence in HNW’s savings and investments backed up by central bank actions to control inflation and shore up the global economy. However, 55% remain concerned about inflation’s effect on their portfolios. Millionaires also continue to have concerns around equity market volatility (31%). Remaining uncertainty around oil prices, the war in Ukraine and central bank interventions appear to continue to weigh on perceptions of the global economy.

UK HNWs more confident than US counterparts

UK HNWs are also much more confident than their US counterparts (113) who are less positive about their personal savings and investments and the global economy. In fact, in the US, they continue to be negative about the global economy, something that has persisted since the start of the war in Ukraine.

Where the UK and US differ is the Very High Net Worths (£/$5m+, VHNWs). In the UK, these very wealthy investors are more upbeat about the global economy. This has led to a rise in their confidence from 130 to 142. In comparison, HNW confidence has continued to rise to 120 but remains behind their buoyant 125 in Q4 2021. Wealth managers’ wealthiest clients, therefore, continue to be the most resilient and responsive to opportunities and so should continue to be the primary target of communications.

Interestingly, those under 55 remain more confident than their older peers, particularly about the global economy. The highest earners (£250k+) are now more optimistic than those earning £100k-£250k.

Spending returns as crises stabilise

Luxury brands may note a return to big ticket items from their younger and biggest spenders now much of the current crises have settled into a stable pattern. And with HNW women significantly more confident about their portfolios as well as the global economy, it may be female buyers driving luxury market confidence in domestic purchasing.


The Savanta HNW confidence index uses Savanta’s MillionaireVue Omnibus, a representative survey UK’s millionaire population of n=500 conducted in the UK and the US in Q4 2022.

Savanta’s MillionaireVue is a quarterly omnibus with c. 500 HNWIs in the UK, Europe, the US, and China. For more information please click here.

To find out more about the work our Wealth and Luxury team do, or to speak to one of our wealth specialists, please get in touch.

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