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George Ma
May 4 12:02

Millionaires are waiting for a new drop in stock markets

The majority of UBS millionaire investors surveyed are waiting for a new decline in stock markets due to the continuing coronavirus pandemic.
From 1 to 20 April, UBS Global Wealth Management surveyed 2928 investors located in 14 countries and with available investment assets of at least US$1 million.
61% of respondents said they wanted to wait for the shares to fall by another 5-20% before buying them, 23% believe that the time to buy has already come, about 16% are certain that now is not the time to buy the securities, quotes the survey data Forbes.
At the same time about half of them do not plan any active actions in the market, 37% are going to invest more, and 16% will reduce the volume of investments.
60% believe that the global recession is very likely to occur in the next 12 months. At the same time, they mostly keep a positive view on the long-term prospects.
The mood of investors is influenced by the country of residence and the situation with the epidemic in the region.
In the U.S. only 30% are positive about the country's economy in the short term while 55% of investors believe in the same for Asia.
Meanwhile, the main US indices have already got back more than half of their 30% decline. S&P 500 is approaching a psychologically important 3000 points mark.