Stock market volatility and real estate values have made millionaires wary about the future-but not to the point where they are abandoning equity investments.

   Those were among the conclusions of a survey of millionaires released by Fidelity Registered Investment Advisory Group that is part of the company's new "Fidelity Millionaire Outlook" analytical indicator.

   The indicator works on a scale of +100, representing the highest favorable view of economic conditions, to -100, which represents the maximum negative outlook.

   The first set of results, based on a survey of 2,500 decision makers in households with $1 million or more in investable assets, found that millionaires currently rank at +41 in terms of how they feel about the state of the economy.

   When asked about their outlook for the economy a year from now, however, the average is only about +6.

   "When we conducted this survey three months ago coming off a strong market year, we were surprised to see how cautious millionaires were about the future," said Emily Chien, senior vice president, Fidelity Registered Investment Advisor Group. "However, the recent stock market volatility reminds all of us that past performance is not always an indicator of future success."

   The stock and real estate markets were at the root of the future concerns, but that didn't dissuade millionaires from investing in equities. Only 6% of millionaires said they plan to decrease exposure to stocks this year, compared to 30% that planned to increase stock investments.

   Among the survey's other findings:

    Seventy percent of millionaires have a relationship with at least one financial advisor. From this group, 34% have two or more advisors.

    Of the 30% who do not have an advisor, 13% report they are likely to get one within the next 12 months.

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