America’s millionaires are feeling somewhat better about their financial futures, but their sense of personal financial security has not yet returned to pre-2009 levels, Phoenix Cos. annual wealth survey shows.
Last year, for the first time in recent years, high-net-worth consumers experienced a “negative wealth effect,” with much more than half (74 percent) feeling less wealthy than they had the year before, according to the 11th annual Phoenix Wealth Survey.
These consumers have recovered significantly in 2010, with only 52 percent now feeling less wealthy compared to last year, but they are still in negative wealth effect territory. Further, the change was driven by those saying they are “slightly wealthier” versus “wealthier” or “significantly wealthier.”
Harris Interactive conducted the online survey on behalf of The Phoenix between Feb. 1 and March 1 among 1,835 U.S. residents age 18 or older, with a net worth of $1 million or more.
“People with wealth tend to have good financial insights. While their attitudes may not be a true leading indicator, they are worth noting as we consider the prospects for economic recovery,” said Walter H. Zultowski, senior advisor for Phoenix.
 “This year’s survey found that concerns have moderated and optimism has increased regarding the nation’s economy over the next one to two years,” Zultowski said.
