Economic jitters have U.S. millionaires tossing and turning.
By Garry Kranz Comments 0 | Recommend 0
Can’t Buy Happiness: Pity America’s millionaires. An annual survey by the
Phoenix Cos., a financial services and insurance company, shows a steep decline
in confidence in the U.S. economy among the nation’s highest-net-worth
individuals. In 2007, 51 percent of the wealthy expressed optimism about the
country’s economic prospects, compared with 30 percent who were pessimistic.
This year, the numbers have flip-flopped: Only 36 percent maintain a rosy
outlook in 2008, while half those surveyed expect things to get worse before
they get better.
Presumably, people feel even worse than when the survey was conducted, which
was before investment house Bear Stearns bottomed out. In the 2007 survey, 81
percent of people reported feeling wealthier compared with the preceding year;
but in the current ranking, that sentiment is embraced by only 54
percent.
Workforce Management contributing editor Garry Kranz is based in Richmond, Virginia. E-mail editors@workforce.com to comment.
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