Tags: millionaire | investors

Millionaires Still Not Sure About This Market

By Greg Brown   |   Thursday, 08 Jan 2009 08:55 AM

Spectrem Group says its Spectrem Millionaire Investor Index rose 16 points in December to negative 23, its largest advance ever, although still well in bear territory. The index measures the opinions toward investing among the wealthiest Americans.

This gain, the biggest since the index's inception in February 2004, follows a record low of negative 39 in November 2008.

The Spectrem Affluent Investor Index, which measures the investment outlook of households with $500,000 or more in investable assets, rose 8 points from its all-time low, to negative 31 in December, also a bearish result.

"Millionaires and the affluent ended a dismal year on a relatively positive note, posting solid improvements in their investment outlook from record lows,” said George H. Walper, Jr., President of Spectrem Group.

“Nonetheless, with both groups far more pessimistic than a year ago and the economy still ranking as their No. 1 concern, the New Year appears off to a shaky start for the wealthiest Americans."

In another part of the survey, U.S. millionaires admitted that they had lost nearly a third of their wealth in the collapse, and only a litte more than a third of them said they were pleased with the performance of their financial adviser.

More than half — 55 percent — said the market crash meant they would not be able to keep up their current lifestyle. Ninety percent of the respondents feared a prolonged downturn.

President-elect Barack Obama on Thursday was expected to urge Congress to quickly approve a massive economic aid package.

Obama would warn, aides told CNN, that a long-lasting recession could result if a bill is delayed.

"I don't believe it's too late to change course, but it will be if we don't take dramatic action as soon as possible," Obama was expected to say.

"If nothing is done, this recession could linger for years," he would say, according to an aide.

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Spectrem Group says its Spectrem Millionaire Investor Index rose 16 points in December to negative 23, its largest advance ever, although still well in bear territory. The index measures the opinions toward investing among the wealthiest Americans.This gain, the biggest...
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