If the market is in an everything bubble, wealthy Americans are headed into 2022 saying they don’t really want much more — of anything, according to the recent CNBC Millionaire Survey. Wealthy investor sentiment is still tilted toward the bullish, if moderating, with millionaires anticipating higher interest rates and tax rates in 2022. Forty-one percent of millionaires say that the economy will get stronger next year, versus 35% who say it will weaken, according to the recent survey. Just over half, or 52%, of millionaires expect the S&P 500 to finish 2022 with a gain of 5% or more. But another finding from the survey is the most telling. It signals a downshift in enthusiasm and a weakening overall risk appetite even as the market survived recent COVID omicron and Fed fears to see the S&P 500 set a new record and the Dow Jones Industrial Average remain near its highest-ever level. Twice a year the CNBC Millionaire Survey asks investors which major asset classes they plan to increase exposure to over the next year. Investor appetite for every investment type is now lower than it was in the spring 2021 survey. The percentage of millionaires who say they will be increasing investment declined across every single asset class, including equities, investment real estate, alternative investments, international investments and precious metals. For the survey, Spectrem Group surveyed 750 Americans with investable assets of $1 million in October and November.
