The Millionaire Investor Confidence Index dropped four points in July to its lowest level in nearly a year, the consulting firm Spectrem Group announced Wednesday.
The July reading of minus 5 was off from the June reading, which saw a two-point drop from May. The decline brings the millionaire index to its lowest level since September 2010, when it stood at minus 6.
George H. Walper Jr. (left), president of Chicago-based Spectrem Group, faulted the ongoing debt-ceiling debate in Washington for contributing to millionaires’ uncertainty about the economy and their finances.
“U.S. millionaires saw their confidence fall again in July, dropping to the lowest level in nearly a year, while the broader affluent population was unchanged following a sizable June decline,” Walper said in a statement. “The political debate this month over efforts to raise the nation’s debt ceiling no doubt exacerbated the concerns of millionaires and affluent investors alike, as both groups focused much of their attention on stock market conditions and the economy.”
Meanwhile, the Spectrem Affluent Investor Confidence Index, which measures the investment confidence and outlook of households with $500,000 or more in investable assets, was unchanged in July at minus 9.