Crisis, what crisis?
Wealthy investors across Europe are confident about the future of the euro zone and the efficiency of unpopular austerity policies, with the rich in bailed-out Ireland and Spain topping the list, according to a survey published by J.P. Morgan Private Bank on Wednesday. The study, conducted in May and June, said:
High Net Worth investors in Spain, Ireland and the UK were found to have the most optimistic outlook, with 92 per cent, 90 per cent and 85 per cent respectively believing the Eurozone will either manage to avert large defaults and is rewarded for stringent austerity, or one that survives but will look different than the current structure.
They were the most optimistic of the 325 individuals polled for the survey. Overall, over 75 percent for the investors had a positive view on the euro zone’s outlook. Only six per cent said they expected a severe global depression.(The bank defines HNW investors as those with assets of over $5 million).
Similarly, while 45 percents of investors consider European equities to be the most undervalued risk assets, as many as 69 percent of the Spanish polled held that view.