The survey also profiles these millionaires as having an average income of $356,000, a primary residence with an average value of $1.2 million, an average net worth of $3.5 million, and an average of $1.7 million in investable assets. The millionaires are more positive in their economic outlook and spending plans than the less affluent in the survey.
This latest survey, the only one of its type, provides the following information on the affluent:
- 12-month outlook for business conditions, the stock market, and personal earnings and savings of the affluent
- current investment objectives of the affluent
- purchase plans for 8 major items during the next 12 months
- expected changes in spending by the affluent for 17 products and services during the next 12 months
Plus data from a series of special questions about :
- vacation home ownership among the affluent
- familiarity with the concepts of Private Residence and Destination Clubs, and familiarity with similar concepts for private jets, boats, and exotic cars
- brand awareness, current ownership, and interest in purchase for the various concepts and products among the affluent
- current ownership of wholly-owned second homes and plans to purchase one for seasonal or year-round use
All of the above data is available in categories defined by gender, age, income, and net worth.
In general, the affluent seem to be cautiously optimistic in their outlook for the economy and conservative in their future spending plans, which is consistent with a general economic outlook of reduced growth without a recession.
The indexes of expectations for future business conditions, the stock market, and household income are all within 2 points of the prior survey. The composite 12-Month Economic Outlook Index of 104 still represents a modestly positive outlook overall, despite the slightly negative index (98) for future business conditions. Index values can range from 0 (negative) to 200 (positive), with an index of 100 being a neutral reading.
Overall, 46% of the affluent reported no plans for major expenditures (new motor vehicle, home, boat, or major home remodeling) in the next 12 months. The AARC surveys also track spending plans for 17 categories of goods and services, of which only six are in positive territory. The Future Spending Index composite average of 94.2 showed good improvement from the prior survey but remains in negative territory.
Highlights of the national survey of 398 affluent men and women can be found on the AARC website, www.affluenceresearch.org. The survey participants have an average income of $324,000 and an average net worth of $3.3 million.
