Affluent America
Affluent Americans - those with an average annual household income of $359,000, an average net worth of $2.7 million and average investable assets of $1.5 million - are considerably more positive about the current state of the economy than they were just six months ago.
According to the spring survey of the American Affluence Research Center, the very wealthiest households are most optimistic about the economy, feel financially better off than they did 24 months ago and are more likely to make major expenditures in the next 12 months.
The current research found no consistent pattern for increases or decreases in major expenditures in the next 12 months. Compared to results from the fall 2003 survey, plans for home remodeling and purchases of vacation residences are up, while plans to purchase new primary residences are down.
Major Purchases in the Next 12 Months
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% of Respondents
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Age
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Income
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Net Worth
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Total
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Under 50
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50-59
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60+
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Under $200K
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$200K or more
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Under $1.5 M
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$1.5 - $5.9M
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$6M+
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Have major remodeling done to your home
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26
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27
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30
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21
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33
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22
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26
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23
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36
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Purchase an existing home as a vacation residence
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5.6
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4.8
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5.9
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6.6
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3.5
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6.9
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6.3
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2.8
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12.8
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Build a new vacation residence
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3.1
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4.0
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3.5
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1.6
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0.5
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5.0
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0
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5.2
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10.5
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Purchase an existing home as a primary residence
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4.0
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3.3
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4.2
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4.1
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5.0
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2.9
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3.8
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4.3
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3.5
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Build a new primary residence
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2.9
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3.7
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2.5
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2.1
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2.2
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3.1
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2.5
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2.8
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4.7
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