A majority of millionaires plan to vote for Harris over Trump in November

A majority of wealthy investors are planning to vote for Kamala Harris over Donald Trump in the upcoming November election.

That’s according to a new survey from UBS released on Thursday, which asked US investors with at least $1 million in investable assets their views on the upcoming election.

57% of survey respondents said they plan to vote for Harris, while 43% said they were going to vote for Trump. Harris had a significant edge among Independents, with 60% planning to support her vs 40% for Trump.

Of the 971 investors surveyed, 38% identified as Republicans, 34% as Democrats, and 26% as Independents.

Based on the survey, which was conducted from August 13 through August 19, it appears Harris is starting to gain some favorability with investors on what her administration would mean for the economy and stock market.

Record highs in the the stock market could be helping those views.

“Despite the recent economic uncertainty, wealthy investors are heading into the US presidential election feeling more optimistic about the economy and their own portfolios than they felt four years ago,” UBS said.

As to what the top issues are heading into the election, the surveyed investors put the economy in the number-one spot, followed by Social Security, taxes, and immigration.

When it comes to the economy, the surveyed investors are about split on which Presidential candidate would handle it better, with 51% saying Trump is “better equipped” to address key issues in the economy compared to 49% for Harris.

Digging deeper into that split, those that favored Harris for the economy believe she would do better because of her proposed policies geared toward the middle class, preserving the Federal Reserve’s independence, and her approach to green energy and health care.

Meanwhile, those that favor Trump’s potential impact on the economy said his approach to tax laws, immigration policies, lower business regulations, and trade relations with other countries give him an edge over Harris.

Regardless of who wins the election in November, the bulk of the survey respondents said they feel great about the future return prospects for stock market.

74% of respondents said they are “highly optimistic” about their portfolio returns for the next six months, which is up from 57% when UBS asked the same question in 2020.