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According to a recent survey of affluent investors, a majority expressed their intention to vote for Vice President Kamala Harris in the upcoming election, despite giving former President Donald Trump higher marks on economic policies. The survey, conducted by UBS, revealed that 57% of millionaire investors plan to support Harris, while 43% lean towards Trump. Harris secured the backing of 91% of Democratic millionaire investors, 12% of Republicans, and 60% of independents. On the other hand, Trump garnered 88% support from Republican investors, 9% from Democrats, and 40% from independents.

Most affluent investors identified the economy as their top priority in the election, followed by Social Security, taxes, and immigration. While Harris is favored overall, the surveyed investors rated Trump slightly better on economic and tax-related issues. When asked who is better equipped to handle the economy, 51% chose Trump compared to 49% for Harris. Similarly, Trump received higher approval ratings on tax matters, with 52% in favor of his approach. Harris, on the other hand, received better ratings on Social Security and healthcare policies.

The future outlook for the economy and markets appears positive among millionaire investors, with 55% expressing high optimism about economic prospects and three-quarters being highly optimistic about their portfolio returns in the next six months. Furthermore, over three-quarters of affluent investors are contemplating adjustments to their investment portfolios based on the election outcome. In the event of a Trump victory, defense and energy Stocks are seen as promising, while a Harris win could lead to increased interest in healthcare, sustainable investing, and technology Stocks.

The survey, conducted between Aug. 13 and Aug. 19, included 971 investors with at least $1 million in investible assets.

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