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Even The Rich Feel Poorer

PNC Bank.

PNC Bank.

POTTSTOWN PA – Things must really be bad. Even rich folks are skeptical about economic prospects next year.

The number of wealthy Americans who feel pessimistic about the stock market and real estate nearly doubled during the last 12 months, according to a new survey by PNC Financial Services. More than half, 53 percent, say their outlook about stock market performance in 2009 is gloomy. Only one-in-four, or 25 percent, are optimistic about the market next year.

There’s some good news, though. Two-thirds of those responding to PNC’s fifth annual Wealth and Values Survey remain confident for the long-term. Despite their worries about Wall Street, almost two-thirds (65 percent) still prefer stocks as an investment over other assets.

“Investors may not be happy at the current time, but they realize the market will eventually turn,” said Thomas P. Melcher, a PNC executive vice president. Survey interviewers talked to 1,263 people, all of whom had at least $500,000 in investable assets. PNC Financial operates PNC Bank, whose branch office closest to Sanatoga village center is at 1535 E. High St.

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