A recent poll has revealed that America’s millionaires are showing their support for Kamala Harris in the upcoming November election, despite Donald Trump’s history of tax cuts benefiting the wealthy. The survey conducted by the Arton Capital Affluence & Elections Survey interviewed 1,031 Americans with a net worth of at least $1 million. Results showed that 52 percent of millionaires intend to vote for Harris, while only 42 percent are in favour of Trump, giving Harris a 10-point lead among some of the country’s wealthiest voters.
Considering that millionaires make up about 7 percent of the population, those with over $5 million in assets appear to be evenly split between Harris (45 percent) and Trump (44 percent), with 11 percent still undecided. Notably, millennial millionaires showed strong support for Harris, with 61 percent planning to vote for the Democratic candidate, compared to 35 percent backing Trump. However, the small sample size of Gen-Z millionaires skewed results towards Trump, showing a 17-point lead for the incumbent president.
One surprising revelation from the survey is that a third of America’s wealthy individuals are contemplating leaving the country if Trump secures a victory, with another third considering relocation if Harris takes the lead. This indicates that concerns around the economy and taxation are prevalent regardless of the election outcome. Approximately half of all millionaires expressed worries about potential tax hikes under both Trump and Harris, including 1 in 5 of those planning to vote for Harris.
While Harris and the Democratic Party typically advocate for higher taxes on the wealthy, Harris recently proposed policies to limit long-term capital gains tax to 28 percent for millionaires, aiming to stimulate national investment. In contrast, Trump, with a net worth of $3.9 billion, has traditionally supported tax cuts for corporations and wealthy Americans. However, he has suggested an increase in taxes for the wealthy, stating his focus on the middle class during negotiations.
Armand Arton, the founder of Arton Capital, noted that the survey findings highlight Americans’ weariness of growing political divisions, prompting many to consider securing a ‘plan B’ residence overseas irrespective of the election’s outcome. This sentiment is not unique to the US, as similar trends were observed in surveys of wealthy citizens from the UK and France. The disillusionment towards the political landscape among the affluent appears to be a global phenomenon.