The study involved 482 American adults with investable assets of $1 million or more, and found that 61 per cent feel better off today than they were before September 2008, with only 7 per cent reporting that they are worse off.

The study is the second in a series by BMO Private Bank that examines trends among HNW US individuals. The research revealed that a majority of those surveyed are optimistic about what the future holds for the US economy, while 53 per cent feel positive about the outlook for the Asian economy. Less than a third think the situation in Europe will improve.

“We’re hearing a renewed sense of optimism when speaking to our clients. But they’re also aware that the economic situation is quite fragile; they want to ensure, when managing their wealth, that they are insulating themselves as best as possible against any potential market downturns,” said Terry Jenkins, president and chief executive, BMO Private Bank.

Wealthy Americans have, by and large, returned to pre-recession spending levels by spending more or the same in areas including entertainment and leisure, travel, hobbies and clothing.

“It’s a positive development that so many high net worth Americans have returned to, at the very least, pre-recession levels of consumer spending,” said Jenkins. “This represents an indication of the level of confidence they have in the country and also helps spur further economic growth.”

When asked how they felt about their current savings and investment plans, more than 90 per cent of the respondents said they are feeling upbeat. They are especially bullish on equities and real estate, which were identified as the top two options to provide solid returns in the next five years.

In terms of where they are investing their money, respondents were most optimistic on the technology , energy and health sectors, while the outlook for the manufacturing, agricultural and mining sectors is increasingly negative.