Most buyers who’ve no less than $1 million in investable belongings are planning to vote for Vice President Kamala Harris, per a new report from wealth supervisor UBS. The precise breakdown: 57% of the 971 U.S. buyers UBS surveyed final month mentioned they’re choosing Harris; 43% are planning on Trump.
And but, those self same buyers say former President Donald Trump would truly be higher for the economic system—narrowly. UBS surveyed 971 U.S. buyers in regards to the election final month; 38% are Republicans, 34% are Democrats, and 26% are Independents.
Practically all of the respondents mentioned the economic system is their main concern as they head to the poll field. In second place was Social Safety, adopted by taxes and immigration.
Amongst millionaire Democrats, Harris captured 91% of the vote; 88% of millionaire Republicans mentioned they’re going for Trump. Impartial millionaires have been break up 60/40 for Harris and Trump respectively.
UBS requested the respondents, between Trump and Harris, who could be higher outfitted to “address the economy”. Trump edged Harris out, with 51% of respondents selecting him. He additionally beat Harris on the identical query concerning taxes, nabbing 52% of respondents’ favor. However it’s not winner-takes-all; the buyers informed UBS Harris is healthier positioned to enhance well being care.
Maybe that’s unsurprising; Trump is famously well-liked amongst high-net-worth people for his proposition to increase and increase his 2017 Tax Cuts and Jobs Act. (Treasury Secretary Janet Yellen just lately blamed the U.S.’s ongoing fiscal bother on the Act, which she mentioned is “accountable for lots of the issues that we face now with our fiscal trajectory.)
Harris, then again, solely desires to chop taxes for these making lower than $400,000 per yr. People (and companies) incomes greater than that may count on to pay extra taxes underneath a Harris administration.
Trump’s Tax Cuts and Jobs Act is set to run out on January 1, 2026. If elected, he’d most definitely lengthen the Act, whereas Harris would near-certainly overturn it.
The overwhelming majority (77%) of buyers mentioned they’re prone to make adjustments to their portfolio earlier than Election Day—many saying they’d add protections or enhance investments and money holdings. Ought to Harris win, they’re extra desirous to spend money on healthcare, tech and sustainability sectors; protection, power and industrial is most engaging if Trump heads again to the Oval Workplace.
“Clients and business owners around the world have their eyes on the U.S. elections and want to know what either outcome means for their investments and how it will affect them going forward,” the report quotes Iqbal Khan, UBS International Wealth Administration co-president, as saying.
Whichever method the election goes, simply over half (55%) of the millionaires informed UBS they’re “highly” assured in regards to the course of the economic system. Simply 43% mentioned the identical in 2020 within the months earlier than the presidential election.
In tandem, 3 in 4 buyers—virtually 20% greater than mentioned the identical in 2020—mentioned they’re “highly optimistic” about their portfolio returns over the approaching six months. Amongst enterprise house owners, 74% mentioned they’re optimistic about their very own enterprise’ efficiency within the subsequent yr—a 6% rise from 2020.
Financial efficiency is “clearly a top concern,” Rob Karofsky, one other co-president of UBS International Wealth Administration, wrote. “It’s encouraging to see a general increase in optimism as we navigate the volatile market landscape in an election year.”
