Millionaires generally favor the election of Republican presidential contender Mitt Romney over Barack Obama, but wealthy individuals ages 45 and under prefer the President over his challenger, according to new research.
Research firm Phoenix Marketing International, Rhinebeck, N.Y., published this finding in its new Phoenix Global Wealth Monitor survey. The survey of 1,200 affluent and high net worth households in the U.S. was completed in mid-September, 2012.
Asked who they favor for the upcoming election, households having $1 million or more in liquid or investable assets favor Mitt Romney over President Obama (51 percent to 37 percent), with the rest undecided or favoring others on the list of choices.
However, the study found that age, and not necessarily wealth, was a much stronger predictor of election preference. Millionaires, ages 35-44, favor President Obama 48 percent to 41 percent for Mitt Romney.
The results were even more striking for the youngest millionaires: 57 percent under the age of 35 favored President Obama to Mitt Romney’s 25 percent, the survey reveals.
“This data clearly shreds the stereotype that the wealthiest among us will overwhelmingly support Mitt Romney,” says David Thompson, managing director of the Phoenix Affluent Practice. “It is fascinating to see that those who have accumulated a lot of wealth early in life do not appear to be as concerned with the tax or spending platforms of the Democratic party as their older counterparts.”