Faith Nyasuguta
A majority of wealthy investors are leaning towards Kamala Harris over Donald Trump in the upcoming November election, according to a recent survey by UBS. The poll, released Thursday, surveyed U.S. investors with a minimum of $1 million in investable assets, offering insights into their political leanings and economic outlook.
The survey found that 57% of respondents plan to cast their votes for Harris, while 43% support Trump. Among Independent voters, Harris holds a significant lead, with 60% indicating they would vote for her compared to 40% for Trump. The survey sampled 971 investors, 38% of whom identified as Republicans, 34% as Democrats, and 26% as Independents.
Conducted between August 13 and August 19, the survey suggests that Harris is gaining favorability among investors, particularly in terms of how they perceive her potential economic policies. One possible explanation for this shift is the strong performance of the stock market, which has hit record highs despite broader economic uncertainties.
“Despite the recent economic uncertainty, wealthy investors are heading into the U.S. presidential election feeling more optimistic about the economy and their portfolios than they did four years ago,” UBS said in the report.
The economy is the top concern for investors heading into the election, followed by Social Security, taxes, and immigration. However, investors are divided on which candidate would handle the economy better. According to the survey, 51% of respondents believe Trump is “better equipped” to manage economic issues, while 49% favor Harris in this area.
For those supporting Harris, her proposed policies, which focus on strengthening the middle class, preserving the independence of the Federal Reserve, and advancing green energy and healthcare reforms, are particularly appealing. In contrast, Trump supporters cite his tax policies, immigration stance, reduction of business regulations, and trade relations as reasons for their preference.
While opinions on which candidate will better handle the economy are nearly split, investors are united in their optimism about the stock market’s future performance. A striking 74% of those surveyed expressed being “highly optimistic” about their portfolio returns over the next six months. This marks a significant increase from 2020 when only 57% of investors felt similarly positive.
Regardless of the election’s outcome, wealthy investors appear to be looking toward the future with a sense of confidence, buoyed by strong stock market performance and a belief in robust returns. This optimism may play a role in shaping investor sentiment as election day approaches, with both candidates’ policies being weighed for their potential economic impacts.
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