Rich and richer get glum and glummer

Confidence among wealthy investors fell to all-time lows last month as economic turmoil and market conditions had investors fretting, according to a report by Spectrem Group. The Spectrem Millionaire Investor Index fell nine points last month to -18, marking the lowest level since its inception in February 2004. The decline left the index four points beneath its prior record low of -14, which was reached in April. Meanwhile, the Spectrem Affluent Investor Index, which measures the investment outlook of households with $500,000 to $1 million in investible assets, fell nine points to -22, which was its lowest reading since its inception. The decline left the index below its previous record low of -20, which was reached in March 2008. Both classifications of investors cited the economy, market conditions and the election results as their greatest concerns. The indexes are put out on a monthly basis by Spectrem Group, a Chicago-based research firm.