A recent UBS survey reveals that wealthy investors are significantly leaning toward Vice President Kamala Harris over former President Donald Trump in the upcoming presidential election. Among high-net-worth individuals, 57% indicate support for Harris, while 43% favor Trump.
However, business owners show a slight preference for Trump. According to the poll, 53% of business owners plan to vote for Trump, with 47% siding with Harris.
UBS conducted the survey by polling 971 investors with at least $1 million in investable assets, as well as 500 business owners with $1 million in annual revenue and a minimum of one employee.
Investors supporting Harris highlight her middle-class-focused policies, commitment to maintaining the Federal Reserve's independence, and backing of green energy and healthcare reforms. In contrast, Trump supporters point to his tax and immigration policies and his approach to business regulation as key factors in their preference.
For business owners, Trump's tax strategies, business experience, and stance on immigration are driving their support. Meanwhile, Harris-supporting business owners cite her tax policy, support for the middle class, and her emphasis on green energy.
Both groups, investors and business owners alike, are focusing heavily on the economy as they decide between the candidates. In fact, 84% of investors and 83% of business owners identify the economy as the key issue in this election. “The economy is clearly a top concern,” says Rob Karofsky, president of UBS Americas and co-president of UBS Global Wealth Management.
Despite the challenges of navigating an election year, investors are showing increased confidence compared to UBS's 2020 survey. In 2023, 74% of investors say they are “highly optimistic” about their portfolio returns for the next six months, up from 57% in the previous election cycle.
“This rising optimism is encouraging as we manage market volatility in an election year,” Karofsky adds.
Investment strategy is also top of mind as the election approaches. UBS reports that 77% of investors are considering portfolio adjustments, such as sector reallocation, hedging strategies, or even increasing their cash reserves.
“Clients and business owners globally are closely watching the U.S. elections,” notes Iqbal Khan, president of UBS’s Asia Pacific division and co-president of global wealth management. “They want to understand how the election outcome will impact their investments and what it means for their financial future.”
