What Brexit?

The U.K.’s vote to leave the European Union briefly impacted equity markets, but seems to have had no impact on wealthy investors’ outlook, according to a recent study from Chicago-based Spectrem Group.

The Spectrem Affluent Investor Confidence remained steady from June to July at 4 points, while the Spectrem Millionaire Investor Confidence Index dipped by one point to 8. Both remain in mildly bearish to neutral territory, defined by Spectrem as between -10 to 10 points.

Spectrem defines affluent investors as those with more than $500,000 of investable assets, and milionaries as those with $1 million or more.

“Last month we fielded our research for the indexes before the vote to leave the European Union,” ssaidays George Walper, Spectrem president, in a Monday web conference. “We were concerned that our index might have been overstated. We also thought that because of volatility after the vote, this month’s indexes could be all over the place but they were flat from where they were last month and a year ago. In 12 months there have been significant swings in investor confidence, but we’re pretty much back where we started.”

Over the past year, investor confidence declined greatly, Walper said, mainly in response to reports of slower growth in China, only to rebound this past spring as perceptions of the U.S. economy improved.

Rather than the tumultuous domestic and global political environment, Spectrem’s respondents said market conditions were the primary factor affecting their current investment plans.

“The economy is the critical drive of how people feel,” Walper said. “The fact that the economy is now looking upwards means that you’re going to see these numbers start to trend upwards.”

But not everyone feels the same way about the economy.

The Millionaire Confidence Index was at 17 for investors who identify as Democrats, 3 for those who identify as Republicans and 6 for those who identify as independents.