According to CNBC Millionaire Survey, inflation is now the top economic worry among millionaires.

Asking about the most serious threat to America’s economy, inflationThe survey of investible asset owners with at least $1 million revealed that inflation was ranked second, behind government dysfunction. These results were the first to show that inflation was a major concern for millionaire investors. It suggests that even Americans with the most wealth are concerned about it. the upward spiral in prices.

George Walper (president of Spectrem Group), who conducts the survey in conjunction with CNBC, stated that “it’s a huge shift.” “And their worries have grown in the past few months.”

This survey shows that people who have the most money can be more concerned about inflation. Inflation is a major concern for most Americans. rising costs of food, gas, housing, and other living expenses. The threat of inflation poses a risk to wealthy and famous people. It can increase the costs of borrowing, and put pressure on assets.

The survey found that millionaires rank inflation second after dysfunctional government policies.

Walper stated that the main fear of inflation for most Americans is rising prices. It’s the rising capital costs that are a concern for the rich.

Many millionaires have faith in the ability to make it big. Federal Reserve’s ability to manage inflationWithout inflation or rising interest rates, prices and other costs can be controlled. Survey results showed that 59% millionaires believed or were somewhat confident in the Federal Reserve’s ability manage increasing inflation. A third less than one-third of millionaire investors plan or have already made adjustments to their portfolios to address rising inflation.

Three quarters of millionaires believe that interest rates will rise next year. However, only 7% claim they will go up “much more”.

There are huge generational differences among millionaires regarding inflation. The probability that inflation poses a threat is four times higher for baby boomer millionaires who were able to survive the 70s hyperinflation than those of millennial millionaires. They are also far less likely to view the current bout of inflation as “temporary” — at 27%, compared with 45% of millennial millionaires.

Walper claimed that wealthy millennials aren’t as sensitive about the true cost of higher interest rates if they have been able to earn or inherit their wealth for a longer period with low rates.

Walper stated that until they are able to apply for mortgages at a rate of 12.5%, their perspective will not be the same.