According to a study released today by BMO Private Bank, two-thirds (65 per cent) of Illinois’ high-net worth residents (defined as those with investible assets of $1 million or more) report that they are better off today than they were before the 2008 recession.
The study is the second in a series examining trends among the affluent in Illinois. Key highlights of the study include:
- Illinois’ high-net worth individuals are most bullish about the health (83 percent) and energy (78 percent) sectors but least optimistic about mining (45 percent) and manufacturing (43 percent).
- They expect stocks (78 percent) and real estate (58 percent) to yield positive returns over the next five years.
- They are spending more than, or the same as, before the recession on entertainment and leisure (93 percent), travel and vacations (90 percent), club memberships (86 percent), and clothing and accessories (83 percent).
"The wealthy of Illinois are confident; they're above the national average for feeling better off now, compared to 2008," said Zach Lazar, President, Illinois & Florida, BMO Private Bank. "They have rebounded quite well from the recession and this is being reflected in the optimism they’re feeling about their personal financial situation...”