Most traders who’ve not less than $1 million in investable property 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. traders UBS surveyed final month mentioned they’re choosing Harris; 43% are planning on Trump.
And but, those self same traders say former President Donald Trump would really be higher for the economic system—narrowly. UBS surveyed 971 U.S. traders concerning 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 major 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 had been break up 60/40 for Harris and Trump respectively.
UBS requested the respondents, between Trump and Harris, who could be higher geared up to “handle the economic system”. 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. But it surely’s not winner-takes-all; the traders informed UBS Harris is best positioned to enhance well being care.
Maybe that’s unsurprising; Trump is famously fashionable amongst high-net-worth people for his proposition to increase and increase his 2017 Tax Cuts and Jobs Act. (Treasury Secretary Janet Yellen lately blamed the U.S.’s ongoing fiscal hassle on the Act, which she mentioned is “chargeable for lots of the issues that we face now with our fiscal trajectory.)
Harris, however, 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 beneath a Harris administration.
Trump’s Tax Cuts and Jobs Act is set to run out on January 1, 2026. If elected, he’d probably lengthen the Act, whereas Harris would near-certainly overturn it.
The overwhelming majority (77%) of traders mentioned they’re more likely 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 put money into healthcare, tech and sustainability sectors; protection, power and industrial is most engaging if Trump heads again to the Oval Workplace.
“Shoppers and enterprise homeowners around the globe have their eyes on the U.S. elections and wish to know what both consequence means for his or her investments and the way it will have an effect on them going ahead,” the report quotes Iqbal Khan, UBS World Wealth Administration co-president, as saying.
Whichever method the election goes, simply over half (55%) of the millionaires informed UBS they’re “extremely” assured concerning 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 traders—nearly 20% greater than mentioned the identical in 2020—mentioned they’re “extremely optimistic” about their portfolio returns over the approaching six months. Amongst enterprise homeowners, 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 prime concern,” Rob Karofsky, one other co-president of UBS World Wealth Administration, wrote. “It’s encouraging to see a basic enhance in optimism as we navigate the unstable market panorama in an election yr.”
