High net worth individuals and business owners are feeling more confident on the economy and stock market in 2020, according to a new global survey.
The UBS Global Wealth Management Investor Sentiment Survey, which surveyed over 4,800 wealthy investors and business owners in 19 markets, found 67% of wealthy investors having an optimistic outlook on their own region's economy and 60% optimistic about the global economy.
The comparable figures are 61% and 53%, respectively, in the survey conducted three months ago.
Optimism on the economy and the stock market continue to increase, but geopolitical events could temper that optimism at any point"
The buoyant mood means high expectations that 2020 will bring strong returns for investors; 94% expected positive returns and 44% anticipated returns in double digits, with this optimism exacerbated by just 5% of respondents reporting negative returns in 2019 while 53% earned returns in double digits.
UBS Global Wealth Management divisional vice chairman Paula Polito said: "Virtually all investors reported positive portfolio returns in 2019, with continued high expectations for 2020.
"Optimism on the economy and the stock market continue to increase, but geopolitical events could temper that optimism at any point."
The US recorded the biggest improvement in investor sentiment, with 68% of the respondents in the nation having a positive outlook on their own region's economy and 64% optimistic about their region's stock market.
The US was followed by Asia, which recorded the second most significant improvement in investment sentiment with more than 70% positive on the economy and stock market. Overall, the Asian market had the most positive overall sentiment. However, the poll was conducted across 19 markets from December 19 to January 12, before the extent of the coronavirus outbreak was widely reported.