Wealthy investors favor Harris over Trump, new survey finds

A majority of billionaire investors plan to vote for Vice President Kamala Harris in November, despite giving former President Donald Trump a better rating on the economy, according to a new survey. said.

A UBS survey of investors with at least $1 million in investable assets found that 57% plan to vote for Harris, while 43% plan to vote for Trump.

Harris won 91% of wealthy Democrats, 12% of Republicans and 60% of independents surveyed. Trump won 88% of wealthy Republicans, 9% of Democrats, and 40% of independents.

Like many voters, the billionaire investor rated the economy as a top priority. 84% said the economy was the most important issue in the election, followed by Social Security (71%), taxes (69%) and immigration.

Although they support Harris more broadly, investors surveyed rate Trump slightly higher on the economy and taxes. When asked “Who is better at handling the economy?” 51% said Trump and 49% said Harris. Trump also beat Harris on taxes, 52% to 48%.

Trump has proposed a full extension of the 2017 tax cuts, but Harris wants the cuts to only apply to people earning less than $400,000. She also proposes increasing taxes on the wealthy and corporations.

Billionaire investors give Harris good reviews on Social Security and health care.

But no matter who wins, billionaire investors remain bullish on the economy and markets. A majority (55%) say they are very confident in the economy, up from 43% at the same time in the 2020 election cycle (during the COVID-19 pandemic). Additionally, three-quarters of investors are “very optimistic” about their portfolio’s returns over the next six months.

More than three-quarters of wealthy investors also plan to change their portfolios based on the election results. According to the study, defense and energy stocks would look attractive if Mr. Trump wins, but health care, sustainable investing and tech stocks would look the most attractive if Mr. Harris won.

The survey surveyed 971 investors with at least $1 million in investable assets between August 13 and August 19.