Spectrem's Millionaire Investor Confidence Index and Affluent Investor Confidence Index rose in February - the former more so than the latter.

Lower volatility helped boost millionaire investor confidence by 5 points in February to 2, while affluent investor confidence also nudged up 1 point to -3, according Spectrem Group’s latest High Net Worth Insights newsletter.

The survey was carried out on February 16 and 17, when market volatility started to settle following double-digit declines in the S&P 500 and Nasdaq earlier in the month.

For the first time this year, the indices have registered a decline in the number of affluent investors indicating they intend to remain on the investment sidelines, Spectrem said.

“While lower market volatility has begun to translate into increased confidence among affluent investors, wealthy investors still have significant concerns about the stability and direction of the US economy,” said Spectrem's president, George Walper.

The indices were launched in February 2004 by Spectrem to measure the investment confidence and outlook of the 16 million US households with over $500,000 of investable assets, and those with $1 million or more.