CNBC Millionaire Survey Inflation biggest threat to the economy

CNBC Millionaire Survey Inflation biggest threat to the economy

right now let’s get to robert frank he’sgot some numbers from the latest cnbcmillionaire survey robert what’d youlearnwell becky the number one economic worryfor millionaires right now is inflationwhen asked to rank the biggest threat tothe economy inflation ranked first rightnext to government dysfunction that isaccording to the cmc millionaire surveythat polls investors with one milliondollars or more in investable assetsinflation ranking second among threatsto their personal wealthand most say inflation is here to stayrather than temporary now there is anemerging generation gap when it comes toinflation millionaire baby boomers werefour times more likely to cite inflationas a threat to their wealth than

millennials and they were nearly twiceas likely to say interest rates will behigher a year from nowon the whole millionaires are relativelyoptimistic about the economy markets andeven the fed’s response majorities saythey are very confident or confident inthe federal reserve’s ability to manageinflation now most expect the s p to beup at least five percent next year onlynine percent plan to reduce their equityexposure their favorite sectors for thenext 12 months are tech financials andhealth care so they are worried aboutinflation but they feel like the marketsand the fed can handle it guys i i guessit’s not a huge surprise that thatpeople who are millionaires are worriedabout inflation especially if you justbecame a millionaire like oh you finallymade it and guess what a million is justnot worth what it used to be and maybenot a surprise that baby

boomers aremore worried about it too becausethey’re more likely to either be retiredor close to retirementwellremember inflation means differentthings for different income groups formost of america inflation means risingprices for the things they buy every dayfor the wealthy and millionairesinflation really comes through on theinterest rate side that’s what they’reworried about is rising rates and theimpact of that on their on their assetsbecause otherwise assets do well at atime of inflation whether you’re talkingabout real estate or the stock marketit’s the rising rates that are theirbiggest concern

and on that front youknow so far they’re a little moreoptimistic about a modest increase inrates as opposed to a dramatic jump andthat’s why i think they’re moreoptimistic but it means it for them it’sabout the rates for most of america it’sreally about the rising pricesrobert thank you good to see you

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