Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor

Portfolio > Alternative Investments > Real Estate

Rich Worry More About Deficit Than About Taxes

By Staff Writer

X
Your article was successfully shared with the contacts you provided.

NU Online News Service, Jan. 26, 2004, 4:07 p.m. EST – Many rich U.S. residents agree that the economy is improving, but some worry about the return of federal budget deficits.[@@]

Researchers from Penn, Schoen & Berland Associates, New York, are basing those conclusions on the results of the latest survey in a quarterly survey series sponsored by the McDonald Financial Group, Cleveland. For the survey conducted in early January, the researchers interviewed 400 U.S. residents who had at least $500,000 in investable assets or annual incomes of at least $150,000.

McDonald’s January confidence index for affluent consumers is 56, up from an initial index of 41 recorded a year earlier, McDonald reports.

The index is set up so that scores over 50 indicate optimism and scores under 50 indicate pessimism.

Earlier this month, 61% of survey participants said the economy would get better in the next 3 months, up from only 39% in January 2003. The percentage of survey participants who said their family’s own economic situation had improved over the past 3 months increased to 40%, from 14% a year earlier.

But 50% of the participants said there is a real estate bubble. Half of the participants also said there was a real estate bubble in January 2003.

When asked about the federal budget deficit, 80% of the participants said they were “very concerned” or “somewhat concerned,” and 59% said reducing the deficit should be the domestic economic issue that gets the most attention during the 2004 election season. Only 39% said candidates should focus on cutting taxes.

McDonald Financial is a unit of KeyCorp, Cleveland.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.