Wealth Declining In America

January 6. 2008

President George W. Bush's economic polices were as real as the Easter bunny

According to a Reuters report today, the wealth of Americans is declining, especially millionaires in the nation, due to the economic downturn.

Wealth of U.S. millionaires down 30 percent: survey

NEW YORK (Reuters) - American millionaires have seen their assets shrink by 30 percent during the economic crisis, a report said on Tuesday, with only 36 percent of them pleased with the performance of their financial advisers.

Of U.S. households worth $1 million or more, 55 percent are concerned they will not have enough assets to maintain their lifestyles, said Spectrem Group, a consulting firm specializing in the affluent and retirement markets.

Ninety percent fear a prolonged downturn, it said.

"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," said Catherine McBreen, managing director of Spectrem Group.

http://www.reuters.com