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| News Briefs |
Glum Summer
07/24/2006
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Affluent investors are increasingly pessimistic.
Affluent investors are losing faith in the federal government’s handling
of the economy and feeling pessimistic about
the investment climate, according to a poll conducted by Citigroup’s wealth advisory
businesses in
June.
Citigroup found that only 32 percent of respondents are
satisfied with President Bush’s management of the economy. A
mere 8 percent are satisfied with Congress’ economic
proficiency.
In the investment arena, only one-third of investors believe the country’s
market climate is better today than it was one year ago, 11 percentage points
fewer than believed so in
January. Those with $1
million or more in assets have a direr
outlook. Confidence in the investment climate has dropped
more than 25 percentage points within that
demographic since the beginning of
2006.
Respondents cite rising energy costs as the leading economic
problem facing the country today. They say uncertainty over foreign oil
production has darkened their overall sense of financial security and their
ability to save and invest. Investors are calling for higher corporate average
fuel economy standards and increased focus on ethanol and natural gas
production.
The Citigroup Smith
Barney Affluent Investor Poll was conducted between June 1
and 15.
—Tim
Chan
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