Millionaire Confidence Index Drops on Politics, Unemployment

The Spectrem Millionaire Investor Confidence Index dropped to its lowest in over a year on concerns about politics and unemployment.

The index, which is run by consulting firm Spectrem Group, dropped 11 points in August to -18, the lowest since June 2009, Reuters reported. That puts the index into bearish territory after 12 months in neutral.

"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," George Walper, president of Spectrem Group told Reuters.

In a survey, 18% of affluent investors cited the political environment as the factor most affecting their economic outlook. Sixteen percent cited unemployment.

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JKennedy, you're a fool. The lower 48% of Americans don't even pay income tax. Our tax system is a progressive joke. You want people to go back to work, get rid of income tax and corporate tax completely.

August 25 2010 at 10:03 AM Report abuse +1 rate up rate down Reply

The millionaires are scared, and their confidence drops, cause when US poor people run out of Monedy already there, and there is no more middle class almost there, who do you think will be picking up the tax slack -- You guessed it the kings and queens of trickle down VOODOO economics. buck up million dollar babies YOUR NEXT -- book your passage now and take your money out of the country cause that's where you smucks are heading anyway

August 25 2010 at 9:40 AM Report abuse -1 rate up rate down Reply