Rich divided on better candidate to be President

Conventional wisdom is that low and middle class individuals are more likely to support Democratic candidates while wealthy individuals support Republican candidates.

According to Robert Frank, Political Divide in Richistan, Wall St. J., Oct. 18-19, 2008, at B4, this may not always be the case.

Frank reports that although more than 75% of individuals with a net worth between $1-$10 million support Sen. McCain, only one-third of individuals worth more than $30 million support McCain.

Frank suggests that individuals in the “lower” rich situation are concerned about the economy, saving taxes, etc.  However, individuals from the “upper” rich are more concerned with social issues.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.