In the 2024 election, Vice President Kamala Harris has garnered more support from billionaires than her opponent, former President Donald Trump.
According to a recent report from Forbes, 76 billionaires have openly backed Harris, compared to 49 for Trump.
However, many of the wealthiest individuals are remaining quiet about their political affiliations, a stark contrast to vocal Trump supporter Elon Musk, the world’s richest man.
While billionaires such as Warren Buffett and Mark Zuckerberg have yet to publicly endorse a candidate, their silence doesn’t negate the broader trend of billionaires leaning toward Harris.
This backing may seem surprising, given Harris’ criticism of Trump’s billionaire-friendly policies, but it highlights a strategic choice by wealthy donors.
A letter signed by over a dozen billionaires endorsing Harris stated their belief that she would uphold “fair and predictable policies that support the rule of law, stability, and a sound business environment.”
This aligns with the growing strength of the U.S. economy and stock market, which are favorable to business interests.
A recent survey of millionaire investors showed a 57% to 43% split in favor of Harris, with technology, healthcare, and sustainability stocks identified as sectors poised to benefit from her presidency.
This explains why so many Silicon Valley billionaires, who became familiar with Harris during her time as California’s attorney general, have thrown their support behind her.
Despite some notable figures remaining on the sidelines, the billionaire endorsements for both candidates are expected to increase as the election draws near.
However, full financial disclosures won’t be available until after the election, when final Federal Election Commission reports are published in December.
Notable Billionaire Supporters:
- Jeff Bezos: While the Amazon founder hasn’t officially endorsed a candidate, he has criticized Trump and celebrated Biden’s 2020 win, signaling a lean toward Harris.
- Warren Buffett: Although Buffett identified as a Democrat in 2020, he has remained silent on his choice this election cycle.
- Mark Zuckerberg: Despite Trump claiming Zuckerberg would not vote for a Democrat, Zuckerberg has not endorsed anyone and continues to stay neutral.
- Bill Gates: Gates has not publicly endorsed Harris but has spoken favorably of her leadership on topics like AI. His ex-wife, Melinda French Gates, is one of Harris’ top donors, contributing $13 million to pro-Harris organizations.
The dynamics of billionaire support will likely continue to evolve, with Harris holding a current advantage, but full financial backing from these high-profile individuals may not be known until after the election.
This is story is culled from a publication by Forbes.
