The Millionaire Class Turns on the White House

The erosion of the stability premium

The money is moving. It is moving fast. High net worth individuals are no longer betting on deregulation to save their portfolios. A new survey released today by Forbes reveals a startling fracture between the American executive branch and the global financial elite. A majority of surveyed millionaires now believe that the current administration is actively damaging global economic stability. This is not a partisan grumble. This is a cold calculation of risk. For decades, the United States offered a stability premium that justified lower yields in exchange for safety. That premium is evaporating. Investors are pricing in the cost of unpredictability. They are looking at the trade wars and the erratic diplomatic shifts. They see a system where the rule of law is being replaced by the rule of the tweet. The data suggests that capital is beginning to seek quieter harbors.

Quantifying the sentiment shift

The numbers tell a story of deep anxiety. According to the latest Forbes polling data, over 60 percent of millionaires cite political volatility as their primary concern for the fiscal year. This eclipses traditional fears like inflation or interest rate hikes. We are seeing a fundamental shift in how risk is weighted. In previous cycles, millionaires were the loudest cheerleaders for tax cuts and reduced oversight. Now, they are the ones sounding the alarm on the breakdown of international norms. They understand that a global economy requires predictable frameworks to function. When those frameworks are dismantled, the cost of capital goes up. The following chart illustrates the current sentiment among high-net-worth individuals regarding the administration’s impact on global markets.

Investor Sentiment on Global Stability: January 2026 Survey

The mechanics of capital flight

Capital is cowardly. It flees at the first sign of structural decay. We are seeing this play out in the bond markets and in the movement of private equity. The VIX index, often called the fear gauge, has remained stubbornly high throughout the first three weeks of January. Per Bloomberg market data, the correlation between executive policy announcements and sudden spikes in equity volatility has reached a ten year high. This is the technical manifestation of the Forbes survey results. When millionaires say the administration is damaging stability, they are referring to the destruction of the forward guidance mechanism. Central banks and governments used to signal their intentions months in advance. Today, policy is made in the early hours of the morning without consultation. This creates a liquidity trap where investors hold cash rather than committing to long term projects. The opportunity cost is staggering.

The trade war feedback loop

Protectionism is a tax on the global consumer. It is also a direct hit to the portfolios of the wealthy. The administration’s insistence on aggressive tariffs has disrupted supply chains that took thirty years to build. This is not just about the price of steel or semiconductors. It is about the reliability of the global trade order. Reuters reports that manufacturing costs in the Midwest have surged by 12 percent over the last twelve months due to retaliatory measures. Millionaires who own these firms are seeing their margins squeezed. They are not seeing the promised manufacturing renaissance. Instead, they are seeing a chaotic reconfiguration of trade routes that adds layers of expense. The following table compares the economic climate of one year ago to the current reality on January 21.

Key Economic Stability Indicators: Year-over-Year Comparison

The rise in the 10-Year Treasury yield is particularly telling. It reflects a growing demand for a higher risk premium to hold American debt. If the perceived stability of the issuer declines, the cost of borrowing must rise. This creates a feedback loop where higher interest payments eat into the federal budget, further destabilizing the fiscal outlook. The millionaire class is watching this math with growing horror. They know that a fiscal crisis is the inevitable end point of sustained instability. They are diversifying into gold, Swiss francs, and offshore infrastructure assets. This is a vote of no confidence in the domestic trajectory. The rhetoric of economic nationalism is colliding with the reality of globalized finance. Finance is winning. The market does not care about slogans. It cares about the certainty of returns. Right now, that certainty is nowhere to be found. The next major data point to watch will be the February 12 Treasury auction. If foreign demand continues to soften, the administration will face a choice between cooling the rhetoric or facing a full scale debt repricing.