The Pozzo family have overseen a huge influx of overseas players under the management of Gianfranco Zola at Vicarage Road.
Iwelumo started the season as the Hornets' captain but has now joined npower League One strugglers Oldham on loan in order to gain first-team football, and he is backing his parent club for promotion this term.
The veteran striker said: "I think from last season there's probably two or three players that are still involved. Jonathan Hogg's playing quite a bit, Yeatesy (Mark Yeates) is in and out, (Nyron) Nosworthy's in and out.
"The rest are new players so it is a difficult one to take but we're doing well so you can't really complain.
"I think Watford will go up this year if I'm being honest with you.
"The players they've brought in are great lads, Zola's an absolute gentleman and a legend as well so I wish them all the best and I've got a really good feeling that they will go up."
On his relationship with Zola, Iwelumo added: "I was (given a chance). He made me captain, I was captain for August and the full month of September. I started every match so it's just one of those things.
"The gaffer was brilliant with me. I can't fault him, he's been absolutely fantastic for me."