Investors are optimistic despite economic turmoil.

Wealthy investors claim to be positive about the future even though the markets are tumbling, the war is raging, and a recession is on the horizon.

Up to 59% of rich investors expressed optimism about the short-term prognosis for the stock market, according to a study of investor mood conducted by Swiss banker UBS Group AG.

High demand for goods and services

UBS conducted a poll of 2,913 investors who own investments worth at least $1 billion between September 28 and October 17.

Investors’ upbeat predictions include the high demand for products and services, the end of the coronavirus pandemic, and high corporate profits.

Nearly two-thirds of investors surveyed expect inflation to increase next year; more than half say a recession has already started or will start by the end of 2022, and nearly half have decreased their expenditures.