‘Growing trust deficit’ shaping experience of holding wealth in the UK

A ‘growing trust deficit' is shaping the experience of holding significant wealth in the UK as confidence in the durability of the tax framework has weakened, a report from BDO UK has argued.

The accountancy and business advice firm has published its Wealth Report 2026, which highlighted that ultra high net worth individuals (UHNWI) were facing challenges in navigating their succession, taxation, relocation, and long-term planning.

Just 2 per cent of UHNWIs felt UK tax levels were an ‘unreasonable burden’ and only 4 per cent said they wanted to pay as a little tax as possible.

However, a weakening confidence in the durability in the country’s tax framework was eroding trust, and potentially leading to UHNWIs considering relocation.

Two thirds (66 per cent) of UHNWIs had considered leaving the country in the past 12 months, although 25 per cent of those who had thought about leaving said it was only ‘briefly considered’ and 48 per cent said they were ‘researching options’.

The most popular reason for considering relocation was to seek certainty/consistency in taxes or a stable government (42 per cent), while 18 per cent wanted to move for lower tax rates.

The report noted that key life events were being approached tactically rather than strategically, with succession planning often delayed or misunderstood.

Under a third (30 per cent) of UHNWIs said they had an active succession plan, while around one in 10 had not started a plan and did not intend to.

It also found that 90 per cent of families had disagreements over wealth, and while strong communication between generations was widely seen as essential, heirs and successors were often not in the room when big decisions were made.

BDO UK said these themes were underlined by two connected forces: a pervasive sense of uncertainty across tax, regulation, and family dynamics, and a strong desire for stability.

Almost half (45 per cent) of UNHW principals reported disagreements over how wealth is invested, rising to 53 per cent among heirs and successors.

Heirs and successors were also more likely to perceive ‘how wealth is spent’ as a source of conflict, at 44 per cent compared to 34 per cent of UHNW principals.

Other sources of disagreements included roles and responsibilities in the family business (44 per cent), family members being excluded from decision making (35 per cent), and succession (31 per cent).

“For the UK’s wealthiest families, trust is a form of capital – hard-won, easily eroded, and increasingly tested,” commented BDO tax partner, Richard Montague.

“It shapes how financial affairs are structured, who is involved in critical decisions, whether wealth endures across generations, and increasingly, whether they remain in the UK at all.

“However, trust is becoming rarer; confidence in long-term stability – personal, institutional, and regulatory – is weakening.

“In this environment, UHNWIs face a pressing challenge: how to navigate succession, taxation, governance, and long-term planning when certainty is scarce.”

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