Millionaires bet that stocks will take at least another year to recover

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Millionaires bet that stocks will take at least another year to recover
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Millionaire investors are betting that stocks will take at least a year to regain their previous highs, according to the CNBC Millionaire Survey.

Over the next 12 months, millionaires plan to put only about a third of their money into stocks, according to the survey.

Nearly two thirds say it will take at least a year for markets to return to their all-time highs in February. One in four millionaires say it will take two years or more. The investment outlook by millionaires can have an outsized impact on the market, since millionaires own more than 85% of individually held stocks.

Over the next 12 months, millionaires plan to put only about a third of their money into stocks, according to the survey. They plan to put 19% into cash or cash equivalents, adding to their already high levels of cash holdings, McBreen said. When it comes to sectors, millionaires remain conservative. The sectors most likely to receive the most new money from millionaire investors in 2020 are health care, technology and financials. Fewer than 10% plan to invest in energy, materials or industrials.

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