Affluent investor confidence rose in November, but the wealthy probably will not be bullish about investing until unemployment rates improve.

Spectrem Group said Wednesday that its Spectrem affluent investor confidence index rose five points in November to negative-10, reaching neutral territory for the first time in nearly two years. The rise in the index, which measures the investment confidence and outlook of households with over $500,000 of investable assets, declined two points in October. The index is at its highest since February 2008, when it was the same.

The Spectrem millionaire investor confidence index rose three points in November to negative-four, its fourth straight neutral reading.

George H. Walper, the Chicago research company's president, said affluent investors are "approaching the future with some level of continued caution." He said unemployment needs to improve before affluent investors really begin to reinvest.

"Unemployment really drives confidence," he said. "Until it improves we will still have fluttering confidence levels."

Walper said unemployment continues to decline "but we are over 10%, it is going to take more time to get back to that 6%-to-8% range that wealthy investors are comfortable with."

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