Professionals in Ultra High Net Worth households are most concerned about tax increases than overall investors in this wealth segment, according to a new Millionaire Corner report.
Affluent professionals, which for the purposes of this study include doctors, dentists, lawyers, and accountants, comprise just under three million households. Recent Millionaire Corner wealth levels studies found that these professionals represent eight percent of households with a net worth between $100,000 and $999.9, 10 percent of Millionaire households with a net worth between $1 million and $4.9 million, and 14 percent of UHNW households with between $5 million and $24.9 million.
Many of the UHNW professionals are in or nearing retirement, and so tax increases and inflation would impact their lifestyles more than for professionals who are still working.
Along with tax increases, UHNW professionals are also slightly more concerned than UHNW investors overall about inflation.
They are most concerned about the national debt (79 percent), which looks to be the center of another bruising partisan debate after John Boehner proclaimed last week that Republicans would not consider another increase in the debt ceiling later this year without accompanying spending cuts. Boehner also promised a vote before November's elections on whether to prevent Bush-era tax cuts from expiring at year's end, as scheduled.
Not surprisingly, the upcoming general election (76 percent), a particularly hotly-contested race, and the political environment (72 percent) are also high on the list of UHNW professionals’ concerns. Nearly three-quarters (74 percent) said they are concerned about the prolonged economic downturn.
Millionaire professionals are only slight more concerned than investors overall in this wealth level over the political environment (78 percent vs. 76 percent), and expressed equal concern over the prolonged economic downturn (78 percent).
These professionals are less concerned than Millionaire respondents over all about the national debt (72 vs. 76 percent), the fall national elections (68 percent vs. 70 percent), inflation (57 percent vs. 64 percent), and tax increases (51 percent vs. 60 percent).
Millionaire professionals were more likely than UHNW professionals to say that their financial situation has improved since last year (47 percent vs. 40 percent).
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.