What Are the Top 5 Concerns of Millionaire Investors?
At number 5, with 3% of households reporting household income as their main worry, this number remained relatively unchanged over the past three months, Spectrem reported.
The number of millionaires concerned about the economic environment had fallen to 11%.
"Perhaps that investors are focused more on the stock market and the consequences should the divisive Political Climate keep the president and lawmakers from reaching solutions that will fix the economy," Spectrem said.
Twelve percent of millionaire households reported that concerns about retirement were affecting decisions about their portfolio.
Twelve percent of millionaire investors reported that the political climate was a top factor in their investment plans. Moreover, in a separate survey by Spectrem Group done in September, almost half of affluent respondents said that they were most worried about the issue of the fiscal cliff as it relates to the election.
"The so-called fiscal cliff, for example, remains unresolved. Should a bipartisan agreement regarding the scheduled tax cuts and mandatory spending cuts not be reached before the end of the year, analysts caution, the country could experience another recession," Spectrem explained.
About a third of millionaires surveyed, 31%, indicated that the stock market was their factor that was most affecting their investment plans, which is a slight increase of from when the question was asked three months ago. The focus is likely on how the fiscal cliff and other challenges could affect equity performance.
"When we asked high net worth investors their response to the fiscal cliff gridlock, more than 30 percent said they are increasing their cash reserves while more than 15 percent are increasing their investment in recession-proof companies. Eleven percent are allocating more of their investable assets to tax-sheltered accounts, such as 401(k)s and IRAs," Spectrem said.