Wealthy investors have grown more pessimistic about the economy this summer, with many citing crises in the Middle East and Ukraine as potential hazards.

The August Millionaire Investor Confidence Index from Spectrem Group shows that millionaire confidence remains roughly flat for the month and is still well below the spike in confidence in June. While millionaires are generally more bullish than less-wealthy households, the July and August levels ended a steady four-month rise in the spring.