Wealthy are worried about the economy - and tax increases
Rich people are worried about the economy too.
Four of five wealthy investors cite the economy’s persistent weakness as their primary financial concern, up from seven in 10 people a year ago, according to a new survey.
Despite the improvement in the economy over the last 12 months, the well-to-do are nervous about everything from the nation’s high unemployment rate to rising gas prices, according to the poll by Spectrem Group.
What’s it take to be considered wealthy? Your net worth must be between $1 million and $5 million. You’re considered “mass affluent” with $100,000 to $1 million.” You’re “ultra-wealthy” with more than $5 million. (No mention of what it takes to make it into the famous 1%). The survey polled 1,319 mass affluent, 1,303 regular wealthy and 482 ultra-high net worth investors in the first quarter.
Only the uber-wealthy didn’t list the economy as their top concern. They’re more worried about the national debt and the country’s fractured political landscape.
All three groups are concerned about tax increases, including seven of 10 ultra-wealthy people.
Still, the news is not all bad: 52% of the regular wealthy and 55% of the uber-wealthy think their finances will improve this year.
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