There is optimism among high-net-worth investors that the economic future of the country is promising, even though the political atmosphere remains tainted.
In Spectrem's Millionaire Corner study "Financial Attitudes and Concerns," high-net-worth investors with a net worth between $5 million and $25 million are still unhappy with the political environment in the United States but do not see it standing in the way of economic growth.
Eighty percent of high-net-worth investors say their financial situation is better today than it was one year ago, and 66% expect that it will again improve one year from now. A sign that things have improved is that 45% of high-net-worth investors say they are willing to take a significant risk on a portion of their investments, whereas two years ago only 26% were willing to take a risk.
Sixteen percent say the prolonged economic downturn is their No. 1 national concern, while a different 16% said government gridlock is the top problem in the nation today.
As of the end of 2013, the number of high-net-worth households reached an all-time high of 1.24 million, with the continued growth in the stock market considered the main cause of the rise.
Ninety-six percent of high-net-worth investors claim that "hard work'' was a factor in their obtaining wealth, and 94% credit "education." Eighty-eight percent say "smart investing'' was a factor while 80% said "frugality'' helped them get and stay wealthy.
Forty-five percent of high-net-worth investors are willing to accept a tax rate between 16% and 25% while 29% don't believe it should go any higher than 15%. Twenty percent are willing to accept a tax rate higher at 30% or higher.
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