Sum it up in a word, uncertainty. But the details are insightful.
There are about 3.3 (+/-) percent of the population, or nearly 11 million Americans who are millionaires, per Spectrum n 2018.
In a new survey conducted for CNBC, there are nearly 11 million millionaires, Robert Frank says that the biggest threat in the view of that millionaire class is the federal government’s dysfunction.
Here are their bullets:
- When asked about the biggest threat to their personal wealth, the largest number of millionaires said government dysfunction (37 percent), followed by the stock market (32 percent).
- Overall, their views remain highly political, with 41 percent of Republican millionaires predicting the economy will be better in 2019, compared with only 8 percent of Democratic millionaires.
Frank says that most are generally bullish about the economy itself, which is a data-point that other groups that measure the economy and sentiment have also concurred upon. Here in the linked report in the box below is one example.
Another example of that similar sentiment is below, which can likewise be accessed by clicking on the linked textbox.
The NFIB in the fall had similarly overall positive reports too about the economy. But will the now divided Congress change that rosy small business outlook?
Surveys questions can be framed in a variety of ways, which will naturally impact responses. But as another recent CNBC report reflected, news – arguably some of it agenda driven news – is in part to blame for this ‘uncertainty.’ The economy itself, per several indicators, is sound. JP Morgan Chase’s Jaime Dimon said last summer that for 20 years, U.S. tax policies have driven capital overseas. Dimon is a Democrat.
Millionaires Survey Qualifiers and Other Findings
The qualifications to participate in this new CNBC survey of millionaires included an analysis of the investment attitudes and behaviors of 750 investors with $1 million or more of investable assets. “Respondents are required to be the financial decision-maker or share jointly in financial decision-making within the household,” said Frank.
- The survey also highlights the fact that millionaire attitudes toward the economy and markets remain highly political, with 41 percent of Republican millionaires predicting the economy will be better in 2019, compared with only 8 percent of Democratic millionaires.
- Fully 40 percent of millionaires surveyed say the economy will be just as strong in 2019 as it was in 2018, and 28 percent say it will be even better. Yet government dysfunction remains the greatest concern for investors regarding the economy (38 percent) and also to their own personal wealth (37 percent). Thirty-two percent believe the stock market has increased as a threat compared to the past, and worries over the national debt and immigration have increased.
- While more than half of millionaire investors anticipate that the S&P 500 will be up more than 5 percent in 2019, 20 percent believe it will be flat.
- When asked about their own returns, 37 percent said they expect returns of 4 percent to 5.9 percent, while 30 percent expect returns of more than 6 percent. Only 4 percent of respondents expect to be down in 2019.
- Their longer-term outlook for future generations are also cautious: Only a third of millionaires say their kids will be better off than they are, while 37 percent said they will be worse off.
These results obliquely point to issues that has been raised several times on MHProNews.
For more, see the related reports, below the by line. That’s this morning’s look at “News through the lens of manufactured homes, and factory-built housing,” © where “We Provide, You Decide.” © ## (News , analysis, and commentary.)
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