Survey: Wealthy individuals optimistic about Nevada's economy

LAS VEGAS -- A survey of wealthy Nevadans prepared for a division of Nevada State Bank found respondents are more upbeat about the direction of the state's economy than that of the United States.

The Applied Analysis survey commissioned by The Private Bank included participants with at least $1 million in assets.

Some 71 percent think Nevada's economy is headed in the right direction, compared to nearly six in 10 who believe the national economy is going the wrong way. Roughly 59 percent believe the state's economy has improved in the past year but 97 percent also think Nevada is still recovering from the Great Recession.

Among respondents, 49 percent are retired, 56 percent are 65 or older, and 80 percent have at least a four-year college degree.

Dubbed the "High Net Worth Survey Report 2014," the survey found that half of respondents expect the state's economy to stay the same over the next year, but 46 percent anticipate an improved economy versus only 4 percent who believe it will get worse.

Respondents ranked as most important for Nevada ensuring the stability of long-run water resources, followed by improving kindergarten through 12th grade education and reducing unemployment.

They believe the most critical national priorities are in order improving the competitiveness of the education system, reducing political gridlock and reducing the national debt.

Roughly 84 percent of survey participants say their quality of life is good in Nevada and 92 percent say the state is an excellent place for retirees.

On the financial side, 60 percent of respondents indicated they are always looking for a good investment, 76 percent are willing to take calculated risks and 82 percent are interested in minimizing their tax liability. Some 93 percent also believe asset diversification is essential and 90 percent say it's important to hedge against inflation.

Respondents were evenly split on whether U.S. financial markets are overvalued but 84 percent believe the residential property market isn't overvalued.


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