Peering Into the Minds of the Wealthy

September 2005
Journal of Financial Planning;Sep2005, Vol. 18 Issue 9, p24
Academic Journal
This article focuses on the findings of several financial surveys conducted in the U.S. A Northern Trust survey says that 40 percent of millionaires, especially small business owners, are overly optimistic about the performance of their investment, while 59 percent are inadequately diversified across asset classes. Meanwhile, according to the Federal Reserve, debt for the wealthiest people jumped from $50 billion to $346 billion, from 1998 to 2001. A survey by the Institute for Private Investors found a continued strong interest in alternative investments among the wealthy, with 42 percent of their portfolios in 2004 allocated to alternatives as hedge funds, private equity, real estate and venture capital.


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