According to a new survey, millionaires’ confidence in the economy dropped considerably in February. reports that the Spectrem Group, a research firm, revealed that millionaires who had $1 million or more in investable assets had their investment outlook drop 10 points in February, reaching the number 1, according to the Spectrem Affluent Investor Confidence Index. Those with $500,000 or more in investable assets dropped their investment outlook three points, going down to -7.

George Walper, Jr., president of the company, said that “The level of Millionaire investors who indicated they planned to stay on the sidelines and not invest was at its highest since September 2011.”

The company conducts 250 interviews a month “with financial decision-makers who have more than $500,000 of investable assets,” says. The interviews range from bullish to neutral to bearish. A rating of 11 to 51 is bullish, 10 to -10 neutral, and -11 to -51 bearish. says that what investors expected their household income to be in the future dropped to -9.51, the lowest in nearly four years. Faith in the economy also dropped, to -6.95.

Written by Lisa Swan