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Life Health > Life Insurance

Phoenix: Millionaires Glum

By Staff Writer

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Wealthy U.S. residents are reporting much more pessimism about the economy this year than they were a year ago.

Researchers at Phoenix Companies Inc., Hartford, are reporting that finding in a summary of results from a Web-based survey of 1,735 U.S. residents who have at least $1 million in net worth, minus the value of any debt and the value of their primary homes.

The percentage of survey participants who said they are “very optimistic” about their personal financial future has fallen to 17%, from 34% in 2007.

The percentage who said their wealth is “extremely” or “very secure” for the long term has dropped to 45%, from 28%, over that period.

Two years ago, more than 80% said they felt they were wealthier than they had been a year earlier. This year, 74% said they feel less wealthy than they felt a year ago, the researchers report, and about 50% said they feel more risk-averse.

The percentage of participants who said they are getting advice from a professional advisors has increased to 73%, from 67% in 2008, but 27% said they still do not receive advice from any professional financial advisor.

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