Bloomberg: HNWs pessimistic about economy - Spear's Magazine

Bloomberg: HNWs pessimistic about economy

May 24 (Bloomberg) — The gloom of wealthy Japanese and U.S. investors about the prospects for the global economy over the next five years is only surpassed by the pessimism of those in Monaco, according to a survey by Barclays Plc.

May 24 (Bloomberg) — The gloom of wealthy Japanese and U.S. investors about the prospects for the global economy over the next five years is only surpassed by the pessimism of those in Monaco, according to a survey by Barclays Plc.

More than half the people in Monaco with more than 1 million pounds ($1.44 million) to invest expect the economy to deteriorate, London-based Barclays Wealth said in a report today. That compares with 35 percent in Japan, 25 percent in the U.S., 17 percent in Switzerland and 16 percent in the U.K.

“We’re seeing in our conversations with clients that there is skepticism about things picking up,” Philippe Sednaoui, chief executive officer of Barclays’s Swiss wealth business, said in an interview at his office in Geneva. The most optimistic investors are in Spain, where 40 percent expect the global economy to expand over the next five years.

Those with more than 10 million pounds to invest are more negative than single-digit millionaires, Barclays found in the survey of 2,000 investors in 20 countries during February and March. The International Monetary Fund forecast last month that the world economy will expand 4.2 percent in 2010, the fastest pace since 2007.

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