The Labour Party is the most favoured political party among wealthy Brits (HNWIs), who have assets valued more than £250,000 ($316,546). 

According to recent survey data from wealth management business Saltus, if a general election were conducted today, 27% of wealthy Brits would vote for Keir Starmer’s Labour, as opposed to 16% for the Conservatives and 15% for the Liberal Democrats.

The Saltus Wealth Index measures HNWIs’ optimism in both their personal finances and the UK economy.

It was created in collaboration with Dr. Mike Peacey of the University of Bristol and focuses on a biannual survey of 2,000 HNWIs.  

As of this edition, the Index is at 64.4, up 4.9 points or 8% from November 2022—soon after the Liz Truss Budget, which had a significant negative effect on confidence. Still, the Index remains far below its peak of 67.7, which was reached a few months before Truss was appointed prime minister.

Survey results

Given this current growth, those surveyed still expect the Labour Party will win a general election, and it currently has the most approval among this demographic, far ahead of the Conservatives.

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31% believe Labour will gain the most seats, more than doubling the number who believe the Conservatives will win, with only 13% predicting Rishi Sunak will lead the biggest party in Parliament following a General Election.

Only HNWIs above the age of 55 indicate they are in favour of Conservative (29% vs. 21% for Labour).

Yet, when questioned who they think will win regardless of their personal vote, this age group had an even greater margin, with 70% believing Labour will gain the most seats.

Moreover, when asked what HNWIs believe the most crucial goals for the future government should be, despite whatever political party is in power, the top three responses were to grow the economy (23%), reduce inflation (19%), and increase investment on the NHS (18%).

Mike Stimpson, partner at Saltus, said: “It is clear that at this stage high net worth individuals expect the Labour Party to win the next General Election, regardless of their own personal political views. The votes of this cohort are important – their support is key to the UK if it is to succeed in the coming decades, with the confidence to invest, create jobs and support wider economic growth. Previous surveys undertaken by Saltus show confidence in the UK economy and in respondents’ own personal finances fell sharply following Liz Truss’s budget in the Autumn of 2022. There has been some recovery in confidence but not yet to levels prior to Truss’s tenure.

“Our research also demonstrates how broad the spectrum of political support is among this group. It is clear the Government still has much to do to win back their confidence and support.”