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America’s wealthy classes are supporting Kamala Harris this November, according to new research, despite Donald Trump’s previous record of tax cuts for the rich.
The Arton Capital Affluence & Elections Survey polled 1,031 Americans with a net worth of at least $1 million. The survey found that 52 per cent of millionaires will be voting for Harris next month, with just 42 per cent for Trump.
This marks a 10-point lead for Harris among some of America’s wealthiest voters. For comparison, the latest national polls are showing a 2 to 3 point lead for Harris overall.
Millionaires make up approximately 7 per cent of the population. Those millionaires who have over $5 million in assets are more evenly split on Harris (45 per cent) and Trump (44 per cent) than those with less. Over one in ten still unsure of how they will vote (11 per cent).
Harris has the strongest lead among millennial millionaires, 61 percent of whom will vote for the Democratic candidate (with Trump at 35 percent).
Just 4 percent of millionaires surveyed were in Gen-Z; but this generation is the more likely to lean to Trump, with a 17-point lead over Harris. It’s important to note that the small sample size of young millionaires means that this demographic is likely to be skewed.
Another surprising finding from the survey is that a third of America’s wealthy are considering leaving the US if Trump wins the election; with another third considering an exit if Harris wins. It appears that, though wealthy voters are leaning to Harris in this election, both possible presidencies are sending alarm bells with regards to the economy and taxation.
Around half of all millionaires are concerned about tax increases under both Trump and Harris governments. This includes 1 in 5 of millionaires voting for Harris.
While Harris and the Democrats traditionally stand behind higher taxes on the wealthy, she has recently proposed policies which will limit long-term capital gains tax to 28 percent for millionaires, as a way to encourage national investment.
On the other hand Trump, who himself has a net worth of $3.9 billion (according to latest Forbes estimates), has long advocated for tax cuts and breaks for corporations and wealthy Americans.
Yet most recently, Trump has reversed his public stance and suggested he would increase tax for the rich, saying: “When it comes time to negotiate, I feel less concerned with the rich than I do with the middle class.”
Armand Arton, founder of Arton Capital (which advises clients on citizenship through investment), said: “Our survey has revealed just how tired many Americans are of the rising political division at home. Many are now looking to hedge their bets and secure a ‘plan B’ residence overseas, regardless of the outcome of the election.
“We saw a similar trend amongst the young in a recent survey of wealthy British and French citizens. Clearly, the disillusionment with the political climate seen among the rich is not confined to America alone.”
