Wealthy Investors Favor Kamala Harris in 2024 Presidential Race, UBS Survey Finds

A UBS survey conducted among investors with at least $1 million in investable assets indicates that 57% support Kamala Harris, while 43% intend to vote for Donald Trump. Democrats overwhelmingly back Harris (91%), while 88% of Republican investors prefer Trump. Among independents, Harris holds a slight lead.

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Key Issues: Economy, Social Security, Taxes

As per the site The Morning Consult, the economy emerges as the primary concern for wealthy investors, with 84% naming it their top issue. Social Security (71%), immigration (68%), and taxes (69%) follow as critical concerns. Investors are nearly evenly split on which candidate is better suited to handle the economy, with Trump at 51% and Harris at 49%.

Business Owners Slightly Favor Trump

In a separate UBS survey of business owners, Trump has a narrow lead, with 53% planning to vote for him and 47% for Harris. Like wealthy investors, business owners also rank the economy as their primary concern, followed by taxes, healthcare, Social Security, and immigration, as backed up by this article from The Morning Consult.

Optimism on the Economy Grows

Image by Steve Buissinne from Pixabay

Both wealthy investors and business owners report increased optimism about the U.S. economy compared to four years ago. The survey finds that 55% of investors feel positive about the economy in 2024, up from 43% in 2020. Business owners show even greater confidence, with 65% expressing optimism, an increase from 55% four years prior.

Portfolio Adjustments Expected Ahead of Election

With the upcoming election on the horizon, 77% of wealthy investors are considering adjustments to their portfolios—up from 63% in 2020, as also determined by CNBC. Anticipated changes include modifying sector allocations (38%), adding portfolio protections or hedges (35%), increasing investments (34%), and boosting cash holdings (34%).