As reported by Robert Frank (the writer for the Wall Street Journal and not the economist from Cornell):
According to a new survey by Prince & Associates, voters worth $1 million to $10 million are favoring Sen. John McCain, while voters worth $30 million or more are favoring Sen. Barack Obama. The survey of 493 families showed:
More than three quarters of those worth $1 million to $10 million plan to vote for Sen. McCain. Only 15% plan to vote for Sen. Obama (the rest are undecided). Of those worth more than $30 million, two-thirds support Sen. Obama, while one third support Sen. McCain.
To understand who a “millionaire” is, we can turn to Thomas Stanley. The typical person with a million dollar net worth did not inherit money, but is a married person in his or her fifties with a household income between $100,000 and $200,000 and who saves 20% of income.
As I’ve pointed out before, people with household incomes between $100K and $200K are the staunchest Republican voters, and they do not represent the true rich nor even the top 1%. And then on top of that, the kind of person who saves such a large percent of his salary has a conservative personality.
But we see that among the true rich people, those worth more than $30 million, two-thirds supported Obama.
There is also evidence that people born to money are a lot more liberal than people who are self-made. A high proportion of self-made affluent people (that’s merely affluent and not super rich) buy into the idea that they have earned their money themselves and they don’t want no government stealing their hard earned money. They are also likely to look at the class above them and think that high taxes are preventing them from getting to that next class. But people in topmost class have no class above them to be jealous of.
Given that two-thirds of upper class rich people supported Obama, I’d guess that three-quarters of top out-of-sight people supported Obama.