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WAM Insights: Affluent Investors’ Economic and Investment Outlooks Continues Upward Trends

May 5, 2021

Economic Outlook

April 2021 results from the Phoenix Wealth & Affluent Monitor Economic Optimism improve for the fourth consecutive month among HNW and fifth consecutive month among Mass Affluent. Having an optimistic view of the future of the U.S. economy increased from 61% in March to 64% in April among Mass Affluent (MA) households with $250K-$999K investable assets and from 62% in March to 68% in April among High Net Worth (HNW) households – those with $1MM+ investable assets. Pessimistic views of the U.S. Economy have decreased from 48% in December 2020 to 29% in April 2021 among Mass Affluent households and from 50% to 25% among High Net Worth households.

Investing Outlook

The Phoenix Wealth & Affluent Monitor Investment Outlook remained relatively steady from March to April, increasing one percentage point to 38% in April among Mass Affluent households. The Investment Outlook among High Net Worth households decreased by two percentage points during April from 41% to 39%. Investment Outlook for both audiences remains largely on par with pre-pandemic levels.


Phoenix’s Economic Optimism continues to indicate a strong post-COVID-19 recovery among affluent households in the United States. The year-to-date average Optimism scores (57% for both MA and HNW) have outpaced the 2020 full-year average scores (44% for both MA and HNW) and are on track to reach 2019 levels (63% for MA and 68% for HNW). Though Phoenix’s Investment Outlook April indicators appear somewhat stagnant, 2021 to date is already outpacing the three-year average pre-pandemic (from 2017 to 2019). Overall, April 2021 results from the Phoenix Wealth & Affluent Monitor indicate a continued positive trend in affluent investor sentiment.


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