U.S. households worth $1 million or more have seen their assets decline 30 percent during the financial crisis, according to a new report.
The Spectrem Group, a consultancy specializing in the affluent and retirement markets, found that 17 percent of the 750 millionaire households it polled have absorbed declines greater than 40 percent.
About 90 percent of the millionaires say they fear a prolonged economic downturn. Altogether they believe the downturn will last another 22 months, and 55 percent are concerned they will not have sufficient assets to maintain their present lifestyles.
"The current financial crisis has had a dramatic impact on America's millionaires, reducing their net worth substantially and threatening their ability to maintain both lifestyles and retirement plans," said Spectrem Group managing director Catherine S. McBreen in a statement. "While they blame the government and Wall Street directly for the situation, many millionaires are not happy with their advisors' performance and few say they will increase the work they give to advisors."
Only 36 percent of the millionaires polled feel their financial advisor performed well during the crisis and only 14 percent say they will increase their use of financial advisors in the future.
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