Fidelity: Millionaires take long view of the economy
While the confidence of millionaire investors remains negative in the near term, their outlook is at the highest level since Fidelity Investments began tracking their sentiment in 2006, Fidelity said.
The Boston mutual funds giant has been taking the temperature of millionaire investors for several years now. Fidelity's latest reading was taken with an online survey of more than a thousand millionaire investors in October. Fidelity announced the results of that survey today. According to a Fidelity press release, millionaires represent 5 percent of US households.
One finding from Fidelity's latest millionaire survey: Only 17 percent of millionaires say that the 2008-09 market downturn shook their investing confidence, and 68 percent do not expect market volatility to become the new norm.
Another survey finding: 42 percent of millionaires say they won’t feel wealthy until they have more than $7 million.
Michael R. Durbin, president of Fidelity Institutional Wealth Services, commented on the survey results in a statement.
“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. "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 US economy at the beginning of 2010.”