Confidence among affluent and millionaire investors sunk further in November, according to Spectrem Group.The Spectrem Millionaire Investor Index fell 15 points in November, to an all-time low of 39.
The decline in the millionaire index was its biggest ever and pushed it into bearish territory for the first time since the Chicago company introduced it in February 2004. The previous low, 24, was reached in October. The latest results were released Wednesday.
The Spectrem Affluent Investor Index, which measures the investment outlook of households with investable assets of $500,000 or more, fell 9 points, to 39 its first bearish reading and also a new low.
Forty-two percent of affluent investors said the economy had the biggest impact on their outlook; 18% said election results; 17% said stock market conditions; 2% said housing and real estate; and 1% cited increasing oil and gas prices. In August, the last time this question was asked, 12% cited the economy.
Millionaires expressed more concern about the economy (48%) and stock market conditions (21%) than the affluent, but less about election results (13%).