Inside Wealth

Millionaires grow cautious about the market

Yunus Arakon | E+ | Getty Images

Millionaires are feeling better about the economy, but more skeptical of the stock market.

According to Spectrem Group's Millionaire Investor Confidence Index, millionaire optimism bounced back slightly in November to its second-highest level in 10 months. Soaring stocks and easing fears over the crises in Washington were largely behind the move. And the gains followed a drastic drop in millionaire confidence in October over concerns about the debt ceiling.

(Read more: Do high state taxes chase out the rich?)

Millionaire households reported the largest month-over-month increase in household assets since 2007, Spectrem said. Again, thanks to the stock market.

Do high taxes chase away the rich?

Still, millionaire confidence remains well below its September levels. And millionaires are wary of of the stock rally. The number of millionaires saying they do not intend to invest in the coming months reached a three-month high. Those planning to invest in stock mutual funds fell by 5 percent.

But the wealthy do plan to keep pouring money into real estate and cash, with each up 7 percent or more. Experts say the wealthy are increasingly worried about the divergence between the market and the economy, and growing talk of a bubble in financial assets.

(Read more: 'Stop bashing the rich,' says London's mayor)

"Millionaires are concerned about the ability of the market to maintain the current record high levels," said George H. Walper Jr., president of Spectrem. They are keeping a watchful eye on the Fed's easing strategy and are concerned about unemployment levels, he said.

—By CNBC's Robert Frank. Follow him on Twitter @robtfrank.