The richest people in the U.S. distrust Wall Street and are fearful terrorism will affect the economy and securities markets, the Wall Street Journal reported, citing a U.S. Trust Survey of Affluent Americans.
According to the survey, being released today, 85 percent of respondents believe there should be tighter regulation regarding financial disclosure by publicly traded companies, the Journal said. Also, 73 percent said they don’t trust the recommendations of equity analysts, and 66 percent said they don’t trust the management of public companies, the Journal reported.
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The possibility that terrorism would negatively affect the economy and securities markets is the biggest worry for 76 percent of the respondents, the Journal said.
U.S. Trust, a unit of Charles Schwab Corp., conducts the survey. The company said the top 1 percent this year includes those with gross income of more than $300,000 annually or net worth of more than $3.75 million. The survey was based on 150 telephone interviews with a margin of error of plus or minus 6 percent, the Journal said.
Bloomberg News
