What Does It Take for Millionaires to Feel Wealthy?

Tax concerns rank high on the list of millionaire investors, according to 64% of participants. Most have, or will, take action to mitigate tax increases, including “discuss it with advisor,” 63%; “use one or more tax-free investments,” 36%; “start or re-evaluate an estate plan,” 25%; or “contribute more to tax deferred or retirement accounts,” 22%.

The group’s outlook on the economy is still glum, but it is improving, and on a relative basis, is much more bullish moving forward than it was last year. Their view on the economy in 2009 was -91%, out of a range of -100 to +100. The millionaires’ view on the “current state of the U.S. economy remains ‘very weak’ at -54,” but turns relatively ebullient at +37 as they get out to the fourth quarter of 2011.

“Although millionaires are inherently optimistic, given their current views of the economy, we were surprised to see millionaires so optimistic about the future,” Durbin said in the release. “Millionaires’ outlook could be seen as a leading indicator of the direction of the economy, especially since the last time we conducted this survey in early 2009, they forecasted improvement in all aspects of the U.S. economy at the beginning of 2010.”