Vice President and Democratic presidential candidate Kamala Harris speaks at the Philip J. Chosky Theater during a campaign event on September 25, 2024 in Pittsburgh, Pennsylvania.
Jim Watson | AFP | Getty Images
A majority of millionaire investors say they plan to vote for Vice President Kamala Harris in November, even though they give former President Trump a higher economic rating, according to a new survey.
A UBS survey of investors with at least $1 million in investable assets showed that 57% planned to vote for Harris and 43% planned to vote for Trump.
Harris won 91% support among Democratic millionaires surveyed, 12% among Republican millionaires and 60% among independents. Trump won the support of 88% of Republican millionaires, 9% of Democrats and 40% of independents.
Like many voters, millionaire investors cite the economy as their top issue. 84% said the economy was the top issue in the election, followed by Social Security (71%), then taxes (69%) and immigration.
Investors surveyed rated Trump slightly higher on the economy and taxes, despite their broader support for Harris. When asked “who is better equipped to solve economic problems,” 51% said Trump and 49% said Harris. Trump also defeated Harris on taxes, 52% to 48%.
Trump proposed fully extending the 2017 tax cuts, while Harris proposed extending them only for those making less than $400,000 a year. She also proposed higher taxes on the wealthy and corporations.
Millionaire investors give Harris better grades on Social Security and health care.
Regardless of who wins, however, millionaire investors are bullish on the economy and markets. A majority (55%) say they are highly optimistic about the economy, up from 43% at the same time in the 2020 election cycle, during the Covid-19 pandemic. Three-quarters of investors are also “highly optimistic” about portfolio returns over the next six months.
More than three-quarters of wealthy investors also plan to make changes to their portfolios in light of the election results. If Trump wins, they say defense and energy stocks look attractive, but if Harris wins, they say health care, sustainable investing and technology stocks look best, according to the survey.
The survey polled 971 investors with investable assets of at least $1 million between August 13 and 19.
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