If the stock market's recent roller-coaster ride has left you feeling more jittery than usual, you're in good company. The latest survey from Spectrem Group finds that typically upbeat millionaires are casting a skeptical eye on the market.
When asked to name the biggest threat to household income, 26% of millionaire investors pointed to market conditions. The economy was cited by 14%, and 12% attributed it to the "international situation."
Every investor knows that a declining market means stocks are on sale. So what's behind the lagging confidence among those rich enough to snap up some bargains?
Many of those who have achieved millionaire status switch to self-preservation mode, preferring to keep their hard-won riches and not sacrifice it to market gyrations.
In fact, it's the volatility that's getting to the rich, according to George Walper Jr., president of Spectrem Group. They normally see it as a threat to their household income, but last month, millionaire investors began to express "uncharacteristic caution about the overall investing environment," he notes in a release about the survey.
"In addition to troubling indicators on the domestic and global economic fronts, millionaire investors indicate growing concern over their household assets and income," he adds.