KEY POINTS

  • President Donald Trump is the favorite among millionaire voters
  • Another poll shows Joe Biden's lead over Trump in a potential matchup dropped from 12 to 7 points
  • A section of millionaire voters supports Wealth-tax proposal

President Donald Trump appears to be the favorite candidate of U.S. millionaire voters in the 2020 elections, according to a new survey.

The Q4 CNBC Millionaire Survey has found Trump’s support in the rich demographic has been growing. The poll asked millionaire voters which candidate they would support for President in 2020. Nearly 36 percent backed Trump and the support has shot up in six months, from 32 percent in May.

The millionaire constituency’s second-favorite is former Vice President Joe Biden with a distant 14 percent support. Elizabeth Warren comes in third with 8 percent.

The latest survey was conducted before billionaire Michael Bloomberg joined the race, CNBC reported.

The survey approached more than 700 respondents with investable assets of $1 million or more, and they included 301 Republicans, 200 Democrats, and 247 independents.

The poll revealed that millionaires backed Trump mainly for his management of the economy. Half of the surveyed believed Trump is good for the economy, while a third said Biden will serve better for the economy.

Trump is the only constant in the race

“The race is so fluid right now. The only constant is Trump,” said George Walper, president of Spectrem Group.

On the economic front, millionaires are cautious. While a third thinks the economy will be the same, 40 percent say it will be weak and only 28 percent believe the American economy will be stronger.

Among Democratic millionaires, 62 percent believe the economy will be weaker.

Meanwhile, a new CNN/SSRS poll said former Vice President Joe Biden leads President Donald Trump in a potential general election matchup in the range from 49 percent to 44 percent.

The poll is another indicator that Trump is gaining ground as 2019 closes and voters head to 2020, said the CNN report.

The public opinion on Trump has been stable throughout his presidency. The approval rating has been hovering between the high 30s to low 40s, and the new poll shows significant forward movement by Trump over the last two months, the latest news noted.

Biden's lead over Trump in a potential matchup dropped from 12 points to 7 points. It shows Trump picked up at least 4 points against the top Democrats since October.

On the stock market, 38 percent of the respondents in the CNBC survey said the index S&P 500 will zoom 5 to 10 percent in 2020.

The study notes millionaire support for Trump has been growing over the past three years. In mid-2016, Hillary Clinton was ahead of Trump by 13 points in the matter of support among millionaires.  pres donald trump bill signing pres donald trump bill signing Photo: geralt - Pixabay

The millionaires’ support also hinges on whom Trump will face in 2020.

That Trump has managed to bring together all Republicans behind him was mentioned by Fox News columnist Jessica Tarlov who said in the event of a Trump impeachment trial, top Senate Republicans will “blindly support” the President.

Wealth tax finds support among millionaires

Meanwhile, a majority of millionaires are supportive of Sen. Elizabeth Warren’s proposal on a wealth tax, the CNBC Millionaire survey revealed.

Nearly 60 percent of millionaires supported Warren’s plan of taxing the wealth of those with more than $50 million in assets. Wealth tax is different from income tax as it taxes the entire holdings of a family every year rather than the income.