It won’t come as news that the wealthy are pessimistic about the economy, the government and taxes.
But here’s a surprising bright spot: the majority of the ultra-wealthy plan to buy more stocks in the next 12 months. In fact, stocks beat out all other asset classes when it comes to where the rich plan to put their money in 2012.
A new study from Spectrem Group , which polled people worth $25 million or more (not including primary residence) found that 62 percent planned to invest in stocks over the next 12 months. That compares with 38 percent who plan to buy more fixed income, 19 percent buying treasuries and 26 percent who plan to invest in hedge funds.
This could be a strong potential support for the stock market, since the richest one percent of Americans own more than half of the individually held stocks in the country. The respondents in the survey hold an average of $7 million in stocks. (Read more: Ultra-Rich Spend More on Vacations, Less on Bling )
This is not to say that they’re maximum bullish – or even moderate bullish. The survey showed that less than half (42 percent) said the economy has turned the corner and will improve over the next six months. Their top national concern is the “security and well being of our country,” followed by the “political situation,” and the upcoming elections.Page 1 of 3 | Next Page