Forty-four per cent of wealthy Americans are pessimistic about the US economy next year, up from 35 per cent a year ago, according to PNC Wealth Management's fourth annual Wealth and Values Survey. The percentage of HNWs optimistic about the economy dropped, from 38 per cent a year ago, to 27 per cent. While 35 per cent said they are concerned about a recession, compared with 28 per cent a year ago. The survey measured optimism and pessimism on a five-point scale. There were 1,509 respondents to the online survey, all with annual incomes of at least $150,000 if employed. Respondents had at least $500,000 of investable assets unless retired, in which case the minimum was $1 million. But among the ultra wealthy, those with investable assets of $10 million or more, 58 per cent said they were much more optimistic or somewhat optimistic, up from 31 per cent a year ago. Only 4 per cent of this group said they were somewhat more pessimistic or much more pessimistic. Thomas Melcher, managing director and chief investment officer of Hawthorn, a PNC unit serving clients with $20 million or more in investable assets, said the survey found differences between the ultra wealthy and the general wealthy population in almost every area. "Oftentimes, the ultra wealthy have been through more cycles than the general wealthy population, and, by virtue of their larger capital base some of them may be better able to deal with risk," he said. PNC Wealth Management, based in Philadelphia, is a unit of PNC Financial Services Group, which is headquartered in Pittsburgh.