There’s a collection of new surveys out revealing how wealthy people see the economy, so we’ve put it together here for you in a quick rundown.The takeaway we came to was this — rich people are really worried about the overall economy, but most are confident they’ll be OK through the storm, or “the new normal” depending on what you want to call it.
Now for the data. Let’s start with Merrill Lynch’s Affluent Insights Survey. They polled 1,000 Americans over the age of 18 with over $250,000 of investable assets. They especially targeted people in Atlanta, Chicago, Dallas, Detroit, and South Florida.
The most interesting thing about Merrill’s findings was that:
- 44 per cent of people think that our current economy malaise is a “new normal.”
- Of those 44 per cent, a whopping 94 per cent think they have what it takes to come out of it ahead.
They’re pretty split on whether 2013 will be better than 2012 — 49 per cent say it will, and 43 per cent say it won’t.
Despite that split (and this follows the fact that even those who think we’re in a new normal think they’ll be fine) wealthy investors of all ages are substantially less conservative with their investments than they were in 2010.
- Young people have changed the most — 23 per cent of 18 to 34 year olds say they’re conservative with their money as opposed to 52 per cent in 2010.
- As for the 35 to 50 year-old group, 23 per cent say they are financially conservative as opposed to 45 per cent in 2010.
There’s more data to support this “the economy is lousy but we’ll be fine” analysis from a Maritz research report called “The Minds of Millionaires.”
175 millionaires were polled and here’s what they found:
- 28 per cent believe the economy is healthy.
- And 57 per cent think it’s improving (up from 54 per cent in 2010).
Those aren’t great numbers, but on the other hand:
- 86 per cent of respondents said they were happy with their own financial advisors (up from 67 per cent in 2010).
- And 84 per cent thought their financial firms were stable (up from 74 per cent in 2010).
So someone’s life is gradually improving around here, at least.
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