American millionaires are betting that stocks finish the year up 5 percent to 10 percent, and most plan to put new cash into tech and financial stocks.
The first-ever CNBC Millionaire's Survey, which polled 514 people with investable assets of $1 million or more (which represents the top 8 percent of American households), found that millionaires plan to put nearly half their new investment dollars into equities this year and only 14 percent in cash. Since the top 10 percent of Americans own more than 80 percent of stocks, the positive mood of millionaire investors could bode well for the market.
The online survey was conducted in March by SpectremGroup on behalf of CNBC. It polled wealthy individuals from across the country that were split between Democrats, Republicans and Independents.