America’s Rich Bullish on Future, More Tempered on Real Estate
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A Study by US Trust on the perceptions of where 2006 is going economically showed some interesting results. The survey was of people earning over 300,000 dollars per year or those having assets over 5.9 million dollars. Two main concepts came out of the survey. First 90 percent expect their net worth to appreciate. Second, 48 percent do not expect that appreciation to come from real estate.
When looking at the rich you have to remember that they are different than the average person. To become wealthy they are naturally optimistic. They took risks that lead to their success, as opposed to those who avoided risk and tend to be more pessimistic. So when surveys are done of this group, they are always looking forward optimistically and that will show a different data set than the general population.
And that is not a bad thing.
Faith in the real estate market, however, was weak: Only 48 percent said they expect real estate’s value to increase in the next year, down from 72 percent who thought it would in last year’s survey.
Thirty-three percent of respondents expect real estate values to decline over the next year. That number is up from 14 percent who thought that last year.
The survey, conducted by asset manager U.S. Trust, polled Americans with annual adjusted gross income of more than $300,000 or net worth greater than $5.9 million, including real estate.
Concerns about the economic future of the next generation topped the worries of the wealthy. Eighty-three percent of respondents listed this as their greatest concern, up 2 percentage points from the previous year.
Affluent Americans sour on real estate - Jun. 6, 2006.
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