Even the rich have the economy blues

Even the rich are gloomy about the economy, according to Chicago-based Spectrem Group’s Millionaire Investor Index, which fell 13 points in February to its second-lowest level ever. Wealthy individuals fear the economy has a long way to go before rebounding, Spectrem said in a statement. The Index was at -34, down from -28 in January, the third-largest decline since its February 2004 inception. The all-time low came at -39 in November. Meanwhile, the Spectrem Affluent Investor Index, which measures the investment outlook of households with $500,000 or more in investible assets, fell 10 points in January to -38, which is also bearish. The affluent index’s record low of -39, identical to the millionaire index’s, was also set in November. “Millionaires and affluent investors alike saw their investment optimism fall to near-record lows in February, all but wiping out the modest improvements registered over the two prior months. With both groups’ concerns over the economy skyrocketing despite government stimulus plans, it is clear that the wealthiest Americans feel the crisis remains far from a turning point,” George H. Walper, Jr., president of Spectrem Group, said in a statement. The Spectrem Affluent Investor Index is based on 250 monthly interviews with the financial decision makers in households with $500,000 or more in investible assets. The Spectrem Millionaire Investor Index is based on a subset of the overall survey group. The indexes are put out on a monthly basis by the Chicago-based research firm.