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Millionaires Confidence In Investing Falls In August
By Mike Sachoff
Staff Writer
Article Date: 2010-08-27
The Spectrem Group has announced that the Spectrem Millionaire Investor Confidence Index (SMICI) fell 11 points in August to -18.
The decline is the biggest since June 2009, and brings the index to its lowest level since that date, when it fell a record 18 points to -20. It also returns the index to mildly bearish territory after 12 straight months in neutral.
In addition, the Spectrem Affluent Investor Confidence Index (SAICI), which measures the investment confidence and outlook of households with $500,000 or more in investable assets, fell 4 points in August to a mildly bearish -20, its third straight monthly decline.
"Millionaires posted their biggest decline in investment confidence in more than a year in August, while affluent investors saw their confidence decline for a third-straight month," said George H. Walper, Jr., President of Spectrem Group.
"The millionaires' decline is particularly troubling since it suggests millionaires, typically more sophisticated than the broader affluent population, are reverting to a bearish frame of mind."
In response to an open-ended question about the news story most affecting their economic outlook, affluent investors in August cited: the political environment (18%); unemployment (16%); the economy (11%); stock market conditions (8%); health care reform (5%); the oil spill (2%); and European problems (1%). Those citing the political environment rose from 13% in May 2010, the last time this question was asked, and those citing unemployment rose from 6%.
Millionaires were more focused on the political environment (25%) than the affluent, but less focused on unemployment (13%).
About the Author:
Mike is a staff writer for WebProNews. Visit WebProNews for the latest ebusiness news.
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