The Millionaire Index (?!) Hit New Low In November

Nope not their wealth—yet—just their attitudes.

Retuers: U.S. millionaires’ investment outlook became the gloomiest on record last month thanks to the deteriorating economy and plunging stock prices, a survey said on Wednesday.

Spectrem Group said its Millionaire Investor Index fell for a fourth straight month to enter so-called bearish territory for the first time ever. The index fell to minus 39, dropping a record 15 points from October, including a 6-point fall in just the last week of November.

A companion survey, Spectrem’s Affluent Investor Index, which measures the investment outlook of households with at least $500,000 in investable assets, also slid to a new low, dropping 9 points to minus 39.

Any reading below minus 31 represents bearish territory.

 

…n response to an open-ended question, 48 per cent of respondents to the millionaire survey cited the economy as the factor most affecting their outlook. In the affluent survey, 42 per cent listed the economy, up sharply from the 12 per cent who cited the economy as having the biggest impact on their view in August, the last time the question was posed.

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