The growing income gap is one of the top economic concerns for American millionaires, topping terrorism and the budget deficit, according to a new study.
Fully 77 percent of Americans with investible assets of $1 million or more cited the "increasing income gap between poor and wealthy Americans" as a top economic concern, according to a new study from Morgan Stanley.
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That was topped only by "increased foreign conflicts (at 88 percent)," according to the study. The government budget deficit ranked third (75 percent), followed by terrorism.
The results are consistent with other surveys, and reflect a growing consensus among both rich and poor, Democrats and Republicans, that two-speed recovery has helped the wealthy while the rest of America is still struggling with low wage growth.
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When it comes to their broader economic outlook, however, millionaires are fairly upbeat. More than half say their portfolios will be better within a year, and three-quarters say the national economy will be the same or better in 2015. Only one in five is concerned about retiring at their desired time, presumably because, well, they're millionaires.
When it comes to stocks, millionaires are bullish. They will have an average of 49 percent of their portfolios in stocks, with 65 percent liking dividend-bearing stocks and most like technology, biotech and pharma as their top sectors. Among their least favorite sectors are consumer discretionary, aerospace and insurance. Only a third of millionaires like international stocks and one in five like gold.
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For the study, Morgan Stanley polled more than 300 millionaires, with investible assets of $1 million or more. The poll was conducted between October and December of 2014.