Millionaire Confidence Index Drops on Politics, Unemployment

The Spectrem Millionaire Investor Confidence Index dropped to its lowest in over a year on concerns about politics and unemployment.

The index, which is run by consulting firm Spectrem Group, dropped 11 points in August to -18, the lowest since June 2009, Reuters reported. That puts the index into bearish territory after 12 months in neutral.

"The millionaires' decline is particularly troubling since it suggests millionaires, typically more sophisticated than the broader affluent population, are reverting to a bearish frame of mind," George Walper, president of Spectrem Group told Reuters.

In a survey, 18% of affluent investors cited the political environment as the factor most affecting their economic outlook. Sixteen percent cited unemployment.