July 30 (Bloomberg) -- The U.S. economic slowdown has shaken the confidence of even the most affluent Americans as losses spread from housing to financial assets, according to economists at Merrill Lynch & Co.

``We are already seeing the dominoes fall because the well- heeled consumer is now seeing confidence decline at a much faster rate than everyone else (who are already washed out),'' writes David A. Rosenberg, North American economist at Merrill Lynch in New York, in a July 29 commentary on the Conference Board's consumer confidence index.

The chart of the day shows the rapid decline in the Conference Board's index for Americans with incomes greater than $50,000. The 12-month rate-of-change rivals the descent seen in the year prior to January 1991.

Note the declining trend since the late-1990s boom, as shown by the red line.

Rosenberg also notes sharp drops in confidence for those over 55 years old and living in regions associated with financial industries: the Pacific Coast, the Mid-Atlantic and the Northeast.

``For anyone of means, age or a view of the Seaboard, forget it -- your confidence hit new lows,'' writes Rosenberg.

To contact the reporter on this story: Thomas R. Keene in New York at tkeene@bloomberg.net

Last Updated: July 30, 2008 11:34 EDT