A recent survey indicates that affluent investors are backing Joe Biden over Donald Trump.

• A UBS survey reveals that most investors with over $1 million in investable assets intend to vote for Vice President Kamala Harris.
• Former President Donald Trump received a higher evaluation from millionaire investors regarding the economy.

Despite giving former President Donald Trump a better grade on the economy, a majority of millionaire investors plan to vote for Vice President Kamala Harris in November, according to a new survey.

A survey by UBS of investors with at least $1 million in investable assets found that 57% plan to vote for Harris and 43% plan to vote for Trump.

According to a survey, Harris won over 90% of Democratic millionaires, 12% of Republicans, and 60% of independents. Meanwhile, Trump won 88% of Republican millionaires, 9% of Democrats, and 40% of independents.

A majority of voters, including millionaire investors, consider the economy as their top priority in the election, with 84% saying it is the most important issue, followed by Social Security (71%), taxes (69%), and immigration.

Although they generally support Harris, surveyed investors gave Trump slightly higher ratings on the economy and taxes. In response to the question "who is better suited to handle the economy," 51% chose Trump and 49% chose Harris. Trump also had a slight edge over Harris on taxes, with 52% saying he was better equipped to handle the issue compared to 48% who said the same about Harris.

While Trump has suggested extending the 2017 tax cuts entirely, Harris has proposed extending them only for those earning less than $400,000. Additionally, she has proposed increasing taxes on the wealthy and corporations.

Millionaire investors give Harris better grades on Social Security and health care.

Despite the outcome, millionaire investors are optimistic about the economy and markets. A majority (55%) of investors are highly optimistic about the economy, up from 43% during the 2020 election cycle, which was during the Covid-19 pandemic. Additionally, three-quarters of investors are also "highly optimistic" about their portfolio returns in the next six months.

Wealthy investors are planning to adjust their portfolios based on the election results, with defense and energy stocks being attractive if Trump wins, and health care, sustainable investing, and tech stocks being preferred if Harris wins, according to a survey.

Between Aug. 13 and Aug. 19, a survey was conducted among 971 investors who had at least $1 million in investable assets.