Affluent Americans have renewed optimism in the stock market, though their confidence has dipped in real estate and hedge funds, according to a survey of the top 1 percent of wealthiest Americans, released this week. The survey was conducted in April and May.

Ninety-one percent of those questioned for the 2006 U.S. Trust Survey of Affluent Americans say that their investment portfolio increased over the past year. Only 3 percent reported a decrease. As a result, confidence in the stock market soared to 63 points, compared to a rating of 48 in 2005.

Still, the survey, which assessed individuals with gross incomes greater than $300,000 or net worth greater than $5.9 million, found that this optimism is tempered by the fear of loss. Sixty-nine percent of respondents cited stock market losses as a major worry.

The resilience of hopes for the stock market is also tempered by a significant decline in confidence in real estate. One-third of all respondents expect to see real estate values tumble over the next 12 months; only 14 percent felt this way last year.

Similarly, while hedge funds have been widely touted, the survey reports that only 20 percent of respondents actually invested any money directly in these vehicles. Those who avoid hedge funds perceive them as risky and illiquid.

Concerns over the financial stability of the next generation once again topped the list as the most prominent worry of affluent Americans. Eighty-three percent of survey respondents cited this as their primary concern, with terrorism’s impact on the economy following closely behind.

The Survey of Affluent Americans is conducted annually by U.S. Trust, a wealth management company based in New York.

—Tim Chan