We know money can’t buy love, but what about peace of mind? Why do millionaires worry so much more about the election than non-millionaires?
We know money can’t buy love, but it doesn’t seem to be providing much peace of mine either in the current economic and political environment.
Millionaires appear significantly more worried about the upcoming presidential election than non-millionaire investors, and their concerns relate to partisan politics, the federal debt and taxes, according to a September poll conducted by Millionaire Corner.
More than one-third (36 percent) of millionaires surveyed in September described themselves as “very worried” about the election. (Sentiment was scored on a 10-point scale with 10 representing “not at all worried” and 1 equaling “very worried.”) In comparison, 28 percent of investors with a net worth of less than $100,000, not including primary residence, described themselves as “very worried.”
Nearly half (49 percent) of the millionaires surveyed feared a “win for the other party.” Previous Millionaire Corner surveys show that millionaires prefer a presidential candidate from a working class vs. wealthy background (66 percent), and one with corporate executive skills vs. political, military or diplomatic experience.
About 41 percent of investors with less than $100,000 say they are worried about a win for the other side. These less affluent investors express and even stronger preference (91 percent) for a candidate from a working-class background, and place more value on diplomatic experience than do millionaires.
Millionaires are also much more likely to be concerned about the “fiscal cliff” than non-millionaire investors. More than one-third describe themselves as “very worried” that the upcoming election will stymie a resolution to the looming crisis stemming from the expiration of Bush-era tax cuts at the end of 2012, followed by mandated cuts in federal spending. Investors with less than $100,000 express lower levels of concern over the fiscal cliff with 28 percent describing themselves as very worried.
Millionaires as well as investors with less than $100,000 rank the economy as the issue most likely to influence their votes, but millionaires express higher levels of concern over the national debt and taxes, while investors with less than $100,000 worry more about health care, employment and social issues.