Here's What Really Keeps The Rich Up At Night

insomnia, sleep, worried, fear, anxiety

Photo: Flickr / LZdR

Maybe the wealthy really aren’t all that different from the rest of us.Rich investors are growing increasingly anxious about the economy and their ability to maintain their financial position, a new survey finds.

The Spectrem Group, a Chicago-area consultancy specializing in the affluent and retirement markets, regularly surveys investors with $100,000 or more in investable assets.

The surveys from the first quarter of this year found that four out of five millionaire investors – those with a seven-figure net worth, excluding their primary residence – cited the prolonged economic downturn as a main concern. That’s up from 70 per cent for the same period last year.

RELATED: Young Adults Hit Hardest by Rough Economy

Wealthy investors – those with between $5 million and $25 million in assets – are similarly worried, with 77 per cent saying the sluggish economic recovery was weighing on them, up from 69 per cent last year. Those super-rich, though, are slightly more worried by the national debt (cited by 82 per cent) and the state of U.S. politics (80 per cent).

The upcoming elections – and the tax changes they might bring – are also big concerns for the well-to-do. Six out of 10 millionaires and 65 per cent of mega-millionaires say they’re worried about tax increases. Within the millionaire group, 74 per cent of senior corporate executives are concerned about a tax hike, while business owners are significantly less worried, with 55 per cent expressing unease.

Despite the political debate surrounding tax reform – and President Obama’s push for the so-called Buffett Rule, which would set a minimum tax rate of 30 per cent for taxpayers earning $1 million or more – those overall levels of concern are actually significantly lower this year than they were a year ago.

The 2011 survey found 70 per cent of millionaires and 73 per cent of multi-millionaires anxious about tax hikes.

With the Buffett Rule blocked by Republicans in the Senate and the prospect for other tax reforms still further out on the horizon, the rich say they aren’t planning any major investment changes. Just 28 per cent of millionaires and 40 per cent of the wealthy say they’re making big portfolio moves because of possible tax changes. “It is likely that many of these households have already integrated tax advantaged strategies,” the Spectrem report notes.

RELATED: The Real Cost of Living: $150,000 Minimum

More than 60 per cent of the wealthy cite concerns about maintaining their financial status, up from 44 per cent last year – and they’re growing more worried about the financial future of their children and grandchildren, with 66 per cent of wealthy investors mentioning that as a concern, up from 57 per cent a year ago. Even with all that, 52 per cent of millionaires and 55 per cent of the “ultra high net worth” group say they expect their financial situation to improve this year. And more than 40 per cent of wealthy investors believe their financial situation will improve after the election in November.

Don’t miss: The worst financial role models in pop culture > 
More From The Fiscal Times:

  • Struggling Waitress Can Keep $12,000 Tip 
  • The 12 Worst Supermarkets in America
  • Taxes: 10 Expenses You Should Never Deduct 

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.