Canny Yorkshire folk lead the way on wealth management planning: Amir Bayram

First, when it comes to spending, Yorkshire’s wealthy are the most prudent when spending money on themselves. Compared to other UK regions, those in Yorkshire were revealed to be the least likely to have spent money on themselves or have plans to do so.

Only 52 per cent have such plans, versus the 67 per cent of the national average. This is also in stark contrast to those in the North West being most likely to (82 per cent).

Not only is Yorkshire the most prudent, but it’s also the most savvy when it comes to protecting wealth. Our research revealed that those in Yorkshire & Humberside are most likely to have used tax efficient investing to shelter their money. 40 per cent of Yorkshire’s wealthy invest in this way, far above the 29 per cent national average.

These local investors will likely be watching out for possible policy changes to tax efficient vehicles such as ISAs in the future. Meanwhile, the sub-cohort of local entrepreneurs have already had to grapple with policy changes announced last year, which have had a direct impact on business and local wealth.

For those who gained their wealth as entrepreneurs, there were also some interesting findings. UK-wide, entrepreneurs have reacted to increasing costs.

The research revealed that almost two fifths of UK entrepreneurs (38 per cent) plan to explore selling their business earlier than planned due to tax changes announced in the October 2024 Budget. Meanwhile, just over two in five (44 per cent) UK entrepreneurs say that the increase in National Insurance will impact their plans for business growth.

For those not ready to sell, the evolving market has also pushed more entrepreneurs to consider inward investment to help manage wealth. Two in five (40 per cent) of UK entrepreneurs stated that they will likely be seeking external investment for their business over the next 12 to 36 months to diversify risk.

Although market conditions have sparked concerns for businesses as a store for wealth, Yorkshire entrepreneurs continue to attract the attention of investors.

The region saw a 35 per cent increase in new business start-ups at the beginning of 2025, according to research by the UK’s insolvency and restructuring trade body, R3.

Tax changes, combined with challenging market conditions, are likely informing sentiment among business owners. Over a third (36 per cent) of respondents say they intend to sell their business in its entirety to crystalise value and manage wealth, compared to 21 per cent in January 2024.

The UK is facing a higher-tax environment, as well as increasing market volatility. Individuals will need to navigate these challenges to put in place the best possible plan for the future. However, our research shows that Yorkshire continues to be forward-thinking and ahead of the curve when it comes to financial preparation and business planning.

Amir Bayram is a Client Advisor at Brown Shipley in Leeds