Survey: Wealthiest Americans plan to spend as much or more in 2023

PROVIDENCE – The wealthiest Americans plan to spend just as much – or more – next year as they did in 2022, according to a new study by Clarfeld | Citizens Private Wealth.

About half of the high and ultrahigh net worth people surveyed said they would keep spending level with the current year, while another 29% planned to up their spending in the new year.

Travel topped the list of spending areas, named by 51% of survey takers, followed by 13% who planned to spend more on their business or franchise, and 10% seeking to invest in real estate.

However, these spending plans aren’t set in stone, especially since 87% think the U.S. is headed for a recession. Inflation, market volatility and rising interest rates may hurt their financial portfolios and influence those spending plans, according to the survey.

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“Wealthy Americans have more tools at their disposal to ride out a recessionary environment, but they’re not immune to volatility,” Matt Ruffalo, head of investment solutions for Clarfeld | Citizens Private Wealth, said in a statement. “The biggest planning priority for wealthy investors in 2023 should be to ensure one’s portfolio allocations and savings strategies are prepared to weather both short- and long-term headwinds.”

The survey also asked respondents about portfolio changes in the new year. More than 8 in 10 planned to make changes, with equities, fixed income and cash cited as the asset classes most likely to see increased investments. Forty percent also want to invest in alternatives next year, with an even higher interest among millennials compared with older generations, according to the survey.

The survey reflects online responses from 200 ultrahigh net worth individuals, defined as those with $2 million or more in inevitable assets.

Clarfeld | Citizens Private Wealth is a New York-based wealth management firm formed as a result of a merger between Citizens Bank and Clarfeld Financial Advisors LLC in 2019.

Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com