Confidence among millionaires rose last month, according to a study by Spectrem Group Inc. of Chicago.
The research firm announced last week that its Spectrem Millionaire Investor Index rose 4 points, to minus-8, its highest level since February.
The increase, which followed a 3-point decline in June, returned the index from mildly bearish to neutral territory. Even with the advance, the index was 2 points below its January level.
The Spectrem Affluent Investor Index, which measures the investment outlook of households with $500,000 or more of investable assets, was unchanged at minus-17, its second-lowest level since the indexes were introduced in February 2004.
The affluent index has been in mildly bearish territory since March.
George H. Walper Jr., Spectrem's president, said millionaires began the second half of the year "with a bit more optimism than they showed in June." However, "whether this suggests a broader improvement in the coming months remains unclear."
In response to an open-ended question about the one factor most affecting their investment plans, affluent investors cited stock market conditions (27%), the economic environment (21%), retirement (8%), household cash flow (6%), housing and real estate (5%), and household income (2%).
The factors most commonly cited by millionaires were stock market conditions (28%), the economic environment (20%), and retirement (10%).
