Pessimistic Millionaires Drive Down Confidence Index: Spectrem

The Millionaire Investor Confidence Index dropped 9 points in March to a level of 8, falling back to neutral territory, Spectrem Group reported Wednesday.

The decline follows a 15-point advance in February 2011, which brought the index to a “mildly bullish” level for the first time in more than three years, according to Chicago-based Spectrem’s article, “Pessimistic Millionaire Concerns Drive Down Outlook." Despite its March decline, the index is at its second-highest level since December 2007, when it also stood at 8. 

Also, the Spectrem Affluent Investor Confidence Index was off in March, falling 3 points to a neutral reading of 1.

“Millionaires’ investment confidence fell in March, erasing more than half the prior month’s gains and returning it to a neutral stance from mildly bullish,” said Spectrem President George Walper (left) in a statement. “Confidence also slipped among the broader affluent population.  With the economy and political environment ranking as their top sources of concern, it appears America’s wealthiest investors have added a solid dose of caution to their investment outlook.”