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☆ Millionaires are hoarding cash, betting on higher rates, CNBC survey says
  + stars: | 2023-06-07 | by ( Robert Frank | ) www.cnbc.com   time to read: +4 min
Millionaire investors are adding to their mountains of cash, betting on higher interest rates and weak stock markets in 2023, according to the CNBC Millionaire Survey. Of the survey respondents, 28% said they have purchased more fixed income, as they expect interest rates to remain high. Millionaire investors are still betting inflation will persist for years, potentially keeping interest rates higher for longer. Three-quarters of millennial millionaires say inflation will come down to 2% within two years, with one in four saying it will hit the 2% target within a year. CNBC's Millionaire Survey was conducted online in April.
Persons: Elias Ghanem, George Walper, Walper Organizations: CNBC Millionaire Survey, Capgemini Research Institute, Financial Services, Spectrem, Millionaire Survey, CNBC, Millionaires, Millionaire, Valley Bank, First, Signature Bank, Federal Deposit Insurance Corporation
☆ Millionaires plan to cut their holiday spending due to inflation
  + stars: | 2022-12-19 | by ( Robert Frank | ) www.cnbc.com   time to read: +3 min
American millionaires are trimming their holiday spending and becoming more budget-conscious as a result of inflation, a sign that spending cuts are now rising up the wealth ladder, according to a CNBC survey. The CNBC Millionaire Survey found 80% of millionaire respondents — those with investible assets of $1 million or more — say they plan to spend less this holiday season due to inflation. Millennial millionaires are the most likely to cut back, with 100% saying they plan to spend less, compared to 78% of baby boomers. "They're becoming more cautious about how they're spending their money," said George Walper, president of Spectrem Group, which conducts the Millionaire Survey with CNBC. While inflation has impacted their spending, millionaires are split when it comes to inflation-driven changes in their investment portfolio.
☆ Millionaire investors haven't been this bearish since 2008
  + stars: | 2022-12-19 | by ( Robert Frank | ) www.cnbc.com   time to read: +4 min
Millionaire investors are betting on double-digit declines in stocks next year, reflecting their most bearish outlook since 2008, according to the CNBC Millionaire Survey. The last time millionaire investors were this gloomy was during the financial crisis and Great Recession more than a decade ago. Inflation, rising rates and the potential for recession are all weighing on the minds of wealthy investors, Walper said. The bleak outlook could also put additional pressure on markets, since millionaire investors own more than 85% of individually held stocks. Nearly half (46%) of millionaire investors have more cash in their portfolio than last year, with 17% holding "a lot more."
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