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BMO Private Bank

BMO Private Bank

October 03, 2013 09:45 ET

BMO Private Bank: Majority of Missouri's Affluent Say They Have Bounced Back From 2008 Recession

- Sixty percent of high-net worth Missouri residents feel confident in the U.S. economy

- They are among the most upbeat in the U.S. about the energy and health sectors

- Spending on entertainment and leisure items has increased or is the same as before the recession

ST. LOUIS, MISSOURI and KANSAS CITY, MISSOURI--(Marketwired - Oct. 3, 2013) - The majority of affluent Missourians say they are better off financially today than they were before the 2008 recession, reveals a study released today by BMO Private Bank. The study is the second in a series by BMO Private Bank examining trends among high-net worth individuals (those with investible assets of $1 million or more) in Missouri and across the country.

According to the study, 58 percent of affluent Missouri residents say they are more financially secure than they were before the economic downturn. Additionally, 60 percent expect the U.S. economy to improve over the next year.

Other key highlights of the study include:

  • High-net worth Missourians are among the most upbeat in the U.S. about the energy sector (88 percent vs. 77 percent nationally). They are also confident about the health (85 percent) and technology (85 percent) sectors but less so about manufacturing (43 percent) and mining (35 percent).
  • They are bullish on stocks (78 percent) and real estate (55 percent) as top investment choices over the next five years.
  • They are spending more than or the same as before the recession on entertainment and leisure (85 percent), collections and hobbies (83 percent) and club memberships (83 percent).

"It's reassuring to know that the affluent in Missouri feel that they have bounced back from the economic downturn that began in late 2008," said Dino Cannella, Senior Vice President, BMO Private Bank. "Even more encouraging is their optimism for the future."

Key National Findings:

On a national level, the study found:

  • Almost two-thirds (61 percent) of high-net worth Americans say they are better off today than they were before the recession.
  • Sixty percent of the nation's affluent are optimistic about what the future holds for the U.S. economy.
  • They are most bullish about the technology (80 percent), health (78 percent) and energy (77 percent) sectors and least optimistic about the prospects for the manufacturing (50 percent), agricultural (46 percent) and mining (43 percent) sectors.
  • They are spending more money or the same amount as before September 2008 in a number of areas, including:

    • Entertainment and leisure activities (86 percent)
    • Travel and vacations (83 percent)
    • Club memberships (81 percent)
    • Collections and hobbies (80 percent)
    • Clothing and accessories (77 percent)

About BMO Private Bank, a Part of BMO Financial Group

BMO Private Bank offers a comprehensive range of wealth management services that include investment advisory, trust, banking and financial planning to meet the financial needs of high net worth clients. Through integrated teams of experienced financial professionals, BMO Private Bank helps its clients realize their financial and lifestyle goals with solutions that are custom tailored and delivered with the highest level of personalized service.

BMO Private Bank is a brand name used in the United States by BMO Harris Bank N.A. Member FDIC. Not all products and services are available in every state and/or location.

The online survey was conducted by Pollara between March 28th and April 11th, 2013 with a sample of 482 American adults who have $1M+ in investable assets (including a sub-sample of 40 Missouri residents). The margin of error for a probability sample of this size is ± 4.5%, 19 times out of 20.

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