America's 'wealthy' still wary of economic recovery
Monday, November 23, 2009 11:45 PM
In the aftermath of having to consolidate debt and adjust their financial ways in the wake of the Great Recession, America’s more well-to-do population is still bracing for more economic troubles before a recovery is truly felt.According to a survey by PNC Wealth Management, only 20 percent of "ultra-wealthy" Americans felt the nation’s economy was showing signs of improvement. Forty percent felt that an economic recovery was still at least one year away.
Additionally, the survey found that current economic conditions had
adjusted how the wealthy had adjusted their investment strategies,
with 34 percent saying they were more conservative with their money.
All of the 1,046 respondents with at least $500,000 in valuable assets also stated they had be negatively affected by the economic downturn.
"There is no doubt that the last year has taken its toll on wealthy investors," said Thomas P. Melcher, executive vice president and managing director of Hawthorn, a division of PNC Wealth Management. "Unfortunately it often takes a severe crisis and a significant loss
of capital for investors to discover their true risk tolerance."
However, showing that having more money lessened the financial blow experienced by so many during the recession, fewer respondents (68 percent) with $500,000 to $1 million in assets reported a negative effect to their finances, while 48 percent of those with $5 million or more saw money troubles.
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