A majority of millionaire investors said they plan to vote for Vice President Kamala Harris in November, even though they give former President Donald Trump a better grade on the economy, according to new survey.
According to a UBS survey of investors with at least $1 million of investible assets, 57% plan to vote for Harris and 43% plan to vote for Trump.
Harris wins 91% of Democratic millionaires surveyed, 12% of Republicans and 60% of independents. Trump wins 88% of Republican millionaires, 9% of Democrats and 40% of independents.
Like many voters, millionaire investors rated the economy as their No. 1 issue. Fully 84% said the economy is the top issue in the election, followed by Social Security (71%), then taxes (69%) and immigration.
While they support Harris more broadly, the investors who were surveyed give Trump slightly higher marks on the economy and taxes. When asked “who is better equipped to address the economy,” 51% said Trump and 49% said Harris. Trump also edged out Harris on taxes, at 52% to 48%.
Trump has proposed extending the 2017 tax cuts entirely, while Harris has proposed extending them only for those making less than $400,000. She has also proposed higher taxes on the wealthy and corporations.
Millionaire investors give Harris better grades on Social Security and health care.
Whoever wins, however, millionaire investors are bullish on the economy and markets. A majority (55%) said they are highly optimistic about the economy, up from 43% during the same period in the 2020 election cycle (which was during the Covid-19 pandemic). Three-quarters of investors are also “highly optimistic” about their portfolio returns in the next six months.
More than three-quarters of wealthy investors are also planning to make changes to their portfolios based on the election results. If Trump wins, they said defense and energy stocks look attractive, but if Harris wins, they said health care, sustainable investing and tech stocks look best, according to the survey.
The survey polled 971 investors with at least $1 million in investible assets between Aug. 13 and Aug. 19.