Millionaire confidence in the economy is at a three-year high.
The Spectrem Affluent Household Outlook rebounded from a six-month low in November to its highest reading since April 2007.
The Spectrem Affluent Household Outlook, a monthly measure of Affluent investor confidence in four financial factors that impact their daily lives, gained 12.1 points to 30.40. Year-to-year, the Outlook is up 12.51 points.
The Economy posted the largest increase over the previous month, 27.6 points to 31.20, the highest reading in just over a decade. Household Assets gained 16.80 points to 54.40, while Household Income gained 3.6 points to 22.40. Company Health ticked upward 0.40 of a percentage point to 13.60.
The surge in the Spectrem Affluent Household Outlook coincides with positive news about the economy in November. The gross domestic product, the broadest measure of the nation's economic health, grew 3.9 percent in the third quarter, the unemployment rate is at 5.9 percent, and the stock market hit record highs.
Spectrem Group further breaks down Outlook measurement by Millionaire and non-Millionaire households. The Millionaire Household Oulook was particularly robust, gaining 13.13 points to 34.40. It is up 4.40 points from the same period last year. The Economy gained 32.27 points to 36, the highest reading since February 2011.
Household Assets jumped 16.82 points to 61.60, a four-month high, while Household Income gained 5.29 points to 23.20. Company Health dipped 1.86 points to 16.80.
The Non-Millionaire Outlook likewise saw a double-digit increase, 11.53 points to 26.40, up 25.15 points from November 2013. There were double-digit increases in two out of four components. The Economy gained 22.95 points to 26.40, the highest reading since January 2011. Household Assets gained 17.89 points to 47.20, while Household Income trended upward 1.77 points to 21.60. Company Health posted a 3.49-point increase to 10.40.
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.