Confidence among wealthy investors declined last month for the first time in three months, according to an index compiled by Spectrem Group.

The Spectrem Millionaire Investor Index fell three points from October, to 12, after two months of steady increases, the Chicago research firm said Wednesday.

The index, which had risen two points in October and 12 points in September, remained in mildly bullish territory, despite the November decline.

The Spectrem Affluent Investor Index, which measures the investment outlook of households with $500,000 or more of investable assets, fell three points, to four, but remained in neutral territory.

The indexes are calculated on a scale of minus-51 to 51, with a score of minus-10 to 10 indicating a neutral outlook.

In response to a question about the news event having the greatest effect last month on their outlook, millionaires cited the elections (19%), the war in Iraq (18%), and increasing oil and gas prices (18%).

Affluent investors cited the elections (20%), the war in Iraq (18%), increasing oil and gas prices (15%), housing and real estate (6%), the economy (3%), and interest rate increases (1%).

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