Almost all high net worth investors credit "hard work'' and "education'' for assisting in their wealth creation.
There is optimism among High Net Worth investors that the economic future of the country is promising, even though the political atmosphere remains tainted.
In Spectrem’s Millionaire Corner study Financial Attitudes and Concerns, High Net Worth investors with a net worth between $5 million and $25 million are still unhappy with the political environment in the United States but do not see it standing in the way of economic growth.
Eighty percent of High Net Worth investors say their financial situation is better today than it was one year ago, and 66 percent expect that it will again improve one year from now. A sign that things have improved is that 45 percent of High Net Worth investors say they are willing to take a significant risk on a portion of their investments, whereas two years ago only 26 percent were willing to take a risk.
Sixteen percent say the prolonged economic downturn is their No. 1 national concern while a different 16 percent said government gridlock is the top problem in the nation today.
As of the end of 2013, the number of High Net Worth households reached an all-time high of 1.24 million, with the continued growth in the stock market considered the main cause of the rise.
Ninety-six percent of High Net Worth investors claim that “hard work’’ was a factor in their obtaining wealth, and 94 percent credit “education.” Eighty-eight percent say “smart investing’’ was a factor while 80 percent said “frugality’’ helped them get and sty wealthy.
Forty-five percent of High Net Worth investors are willing to accept a tax rate between 16 percent and 25 percent while 29 percent don’t believe it should go any higher than 15 percent. Twenty percent are willing to accept a tax rate higher at 30 percent or higher.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.