Four out of five millionaires are concerned about the prolonged economic downturn, compared to 70 percent in the first quarter of 2011, according to new research from Spectrum Group. Eighty-one percent of affluent investors, whose net worth is between $100,000 and $1 million, also cited the economy as their top concern, compared to 74 percent in the first quarter of 2011.

Only high net worth investors, with at least $5 million in assets, didn't list the slow pace of the recovery as their chief concern. Instead, the national debt, cited by 82 percent of the wealthiest investors, and the contentious political environment, listed by 80 percent, beat out the lackluster economy.

Even so, the economy came in third, with 77 percent of ultra-high net worth investors naming it as a concern, up from 69 percent a year ago.

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