Confidence among wealthy investors fell to an all-time low last month as a result of the battered financial markets and the global financial crisis, according to a report by Spectrem Group.
The Spectrem Millionaire Investor Index fell six points to a reading of -24, marking the lowest level since the inception of the index in February 2004.
The previous record low was -18 in September.
The Spectrem Affluent Investor Index, which measures the investment outlook of households with $500,000 to $1 million in investible assets, fell eight points to -30, which was its lowest reading since the inception of the index in 2004.
The previous record low was -22 in September.
Both classifications of investors cited stock market conditions and the economy as their greatest concerns.
“The next month is going to be telling because we will move into the holiday season and we have the results of the election behind us,” said Tom Wynn, director at Spectrem Group.
“The recent positive days in the markets has given us some hope that we have hit the bottom.”
The indexes are put out on a monthly basis by Spectrem Group, a Chicago-based research firm.
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