America’s ultra wealthy supported Obama
In the run up to the US presidential election, popular analysis suggested that Republican challenger Mitt Romney was the champion of the rich, while incumbent Democrat Barack Obama represented the less privileged.
However, analysis from Wealth-X, the ultra high net worth (UHNW) business consultancy, shows that Obama not only won the popular vote, but also the support of states with more wealthy individuals.
Obama won states with 52% of the America’s total UHNW population, compared to Romney’s 48% (31,378 to Romney’s 27,714), data indicates.
Instrumental to President Obama’s victory was his capturing of all the electoral college votes in the swing states of Colorado, Florida, Iowa, Nevada, New Hampshire, Ohio, Virginia and Wisconsin, where he captured a majority 50.5% of UHNW support in those states.
Wealth-X’s chief executive Mykolas D. Rambus said the candidate who won states with the larger aggregate number of ultra affluent individuals won both the Electoral College and general election. “We look forward to tracking this trend in future contests,” he said.
Wealth-X provides detailed intelligence on ultra high net worth (UHNW) individuals globally. It is headquartered in Singapore, with offices in all major financial centres.