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Wealthy Californians have recovered from the recession

October 04, 2013|By Shan Li
  • Californians with assets of more than $1 million have recovered from the economic recession, a report says.
Californians with assets of more than $1 million have recovered from the… (Scott Eells / Bloomberg )

Wealthy Californians have bounced back from the Great Recession, according to one report.

About two-thirds of Californians with assets of $1 million or more actually feel better off now than before the 2008 financial crisis, a report from BMO Private Bank said. And roughly the same portion say they expect the economy to continue its recovery in the next year.

"We are seeing increased confidence in the overall California economy, and the momentum is led by high-net worth individuals and families," said Ron Gong, managing director of CTC Consulting/Harris myCFO, a part of BMO Financial Group. "The affluent in our state are feeling more secure about their financial health than they were five years ago."

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Well-off people in the Golden State are also spending more on leisure. Compared with five years ago, 88% are shelling out more on entertainment, 85% are spending more on vacations and 80% are buying more clothing and accessories.

That optimism is mirrored by other well-off individuals around the nation. Nearly two-thirds say they areĀ  better off than before the recession.

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Twitter: @ShanLi

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