Those with the most, gamble the most.

More than 40 percent of America’s most affluent investors—those with $25 million or more, not including a primary home—describe themselves as “aggressive” in their portfolios, according to a report released by the Spectrem Group. Thirty-three percent stated that they were willing to take on substantial risk, and 8 percent, identified as “most aggressive,” were willing to expose all their investments to risk. Only 6 percent of respondents labeled themselves as “conservative” investors.

Those with fewer assets tended to be more cautious. Among those with a net worth of $5 million to $25 million, 20 percent said they were “aggressive” and 4 percent “most aggressive.”

“Even in the face of intense financial market turmoil, investors with the most to lose are willing to roll the dice with risky investments,” said George H. Walper Jr., president of Spectrem Group.

Among the ultra-affluent, an average of 65 percent of total assets are in investment vehicles such as individual stocks, mutual funds, managed accounts and alternatives, which include hedge funds, private placement, private equity, venture capital, commodities and REITs.

The results of the survey, which questioned 101 households with a net worth of $25 million or more, were released November 28.