If there’s still cash on the sidelines, it doesn’t belong to millionaires, according to a U.S. Bank’s Millionaire Investor Insights Annual Survey.
The survey found that 92% of investors with $1 million or more in investable assets kept their money in the market, with 43% of them involved in active buying and selling. That’s despite the fact that 97% of survey respondents lost money in the crash.
Most millionaires, 90%, say their investments are performing at pre-2008 levels and one-fifth of survey respondents said they’re ahead of where they were before the crash. Around half of wealthy investors didn’t change their allocation to equities in the past three years and said that their risk tolerance hasn’t changed either.
Perhaps most striking is wealthy investors’ support for their primary financial advisors—some 92% report being satisfied with the professional help they’re getting. For Mark Jordahl, president of U.S. Bank’s wealth management group, millionaire’s bullishness combined with their satisfaction with their advisors means it’s a good time to call clients. “Only one in 10 of high-net-worth individuals say they’re defensive and have no risk tolerance,” Jordahl said. “The vast majority wants to take advantage of market opportunities and grow their wealth.”