The 14th biannual survey of wealthy individuals by The American Affluence Research Center indicates that despite respondents’ dismal view of current business conditions, those surveyed are expecting business conditions and the stock market to improve in the next year.

The composite Affluent Consumer Expectations 12-Month Economic Outlook Index of 113 rose 11 points from the spring survey and represents a relatively positive outlook overall. Substantial increases in the indexes for future business conditions (up 24 points to 123) and the stock market (up 19 points to 124) offset a decline in the expectations for personal household income (down 10 points to 93), the third element of the composite index. Index values can range from 0 (totally negative) to 200 (totally positive), with an index of 100 being a neutral reading.

Highlights of this national survey of 552 affluent men and women can be found at www.affluenceresearch.org. The survey participants have an average income of $304,000, an average net worth of $3.1 million, and average investable assets of $1.6 million.

The index of 47 for current business conditions represents only a modest drop of 5 points from the spring 2008 survey, which had a precipitous drop of 56 points from the fall 2007 survey. This index is at its lowest level since the fall 2002 survey and essentially indicates the view of the affluent that the economy has effectively been in a recession for several months, as first noted in the American Affluence Research Center’s spring 2008 survey.