More than half of wealthy people are worried that their net worth will shrink, according to a new survey by Bel Air Investment Advisors.
The Los Angeles financial advisory firm, which focuses on individuals, families and foundations worth at least $20 million, polled 80 of its clients to get the results, CNBC reports.
Bel Air apparently didn’t ask why the clients are worried they’ll get poorer, but you can bet it’s because of the tax increases that will be coming soon.
As you might expect, 90 percent of the clients fear they won’t get richer.
One thing the respondents aren’t worried about is the stock market. A whopping 96 percent of them see stocks rising further, though nearly all predict bonds will fall.
They have split views about commodities, with 75 percent anticipating an increase in oil prices but a drop in gold prices.
The wealthy clients also are divided on real estate. While 87 percent expect home prices to appreciate, 93 percent forecast a slide in commercial real estate.
As for art, you can see why that market is rebounding: 88 percent of respondents say contemporary art prices will rise.
On the tax front, the Senate Budget Committee passed a fiscal 2011 budget that includes a 164 percent increase in the top dividend tax rate to 39.6 percent from 15 percent now.
That’s almost twice as high as the 20 percent rate President Barack Obama proposed in his 2011 budget.
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