Which political party has more millionaires?

Answer 1

Note that "millionaire" can be measured two ways: (a) annual income above one million, or (b) net worth as a positive million or more.

Given inflation and the increased value of homes (the major investment of most people), the number of millionaires has increased sharply over time.

Using (a) above, there are fewer than 200,000 families (0.17% of all households) in the USA with that level of income, usually referred to as the "superrich". Generally, this correlates to $10 million net worth or more. In that demographic, Republicans heavily outnumber Democrats, by at least 3:1.

Using (b) above with the caveat that it does NOT include the value of the primary residence, this demographic is the "rich", and constitutes about 2% of all households. This group also tends to vote Republican, though it is much more of a mixed than previously. This group now contains a large percentage of established professionals and small business owners, who are much less likely to vote Republican today than 20 years ago. It also includes a disproportionate percentage of the population with advanced (i.e post-Bachelor's) degrees, which vote Democratic at 2:1 or so. Overall, this demographic comes fairly close to even, skewing Republican by about 55:45 or so.

Using (b) above and INCLUDING the primary residence in the net worth calculation, this demographic is the "well-to-do", and makes up about 6% of all households. With the increase in home values, this demographic now includes significantly more retirees than before, which tends to skew the vote more Republican. The demographic now votes Republican by about 3:2 or a bit more.

Overall, by any measure, the Republican Party has significantly more millionaire supporters than the Democrats.