Latest research from Phoenix Marketing International finds that younger millionaires strongly prefer Barack Obama over Mitt Romney
Phoenix Marketing International (Phoenix), one of the fastest growing international research companies, announced today findings from its latest research on affluent and high net worth households in the U.S. that shows that, while millionaires overall prefer Mitt Romney over Barack Obama, those under the age of 45 favor the President over his challenger.
The Phoenix Global Wealth Monitor study of nearly 1,200 affluent and high net worth (HNW) households in the U.S. was completed in mid-September, 2012. Asked who they favor for the upcoming election, as expected, millionaires, defined as households having $1 million or more in liquid or investable assets, favored Mitt Romney over President Obama (51% to 37%), 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, favored President Obama 48% to 41% for Mitt Romney. The results were even more striking for the youngest millionaires: 57% under the age of 35 favored President Obama to Mitt Romney’s 25%.
“This data clearly shreds the stereotype that the wealthiest among us will overwhelmingly support Mitt Romney,” said David M. 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,” continued Thompson.
About the Phoenix Global Wealth Monitor Programs
The Phoenix GWM programs provide ongoing tracking of the needs, attitudes and behaviors of affluent and high net worth households in the U.S., Canada, and UK / Europe, with Asia coming in 2013. Our data and insights help our clients acquire new customers, strengthen relationships and retention strategies, accelerate product development, and sharpen messages. Clients can subscribe to a suite of services, including comprehensive reports, proprietary question insertion, and interactive dashboards.
Rhinebeck, NY – 4 October 2012