Wealthy take to ‘green’ investing

February 17, 2009

Most wealthy Americans have made environmentally friendly or socially conscious stocks part of their investment portfolios, a new study says.

More than seven in 10 people with investible assets of $500,000 or more say they hold money in green investments, and almost one in 10 have portfolios that are 25 percent to 50 percent socially responsible, says PNC Wealth Management's Wealth and Values Survey.

"It is not a complete buy-in yet, but the results unquestionably show us they want part of their investments to be in companies that reflect their own values," Bruce Bickel, senior vice president of PNC Wealth Management, says in a statement.

More than eight in 10 wealthy people surveyed say they recycle at home, and about four in 10 say they plan to buy a hybrid car.

Almost nine in 10 agree at least somewhat that the U.S. should boost spending on alternative energy sources, while almost eight in 10 favor mandating fuel-efficiency standards for cars and trucks.

While many wealthy people support policies that protect the environment, more than two-thirds support drilling for oil in areas where it's currently prohibited.

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