President Donald Trump‘s approval rating among the richest Americans has fallen to its lowest point of his second term.
According to polling by The Economist/YouGov, Trump’s net approval rating among Americans with a yearly income of more than $100,000 was at -16 percentage points, down from -10 recorded in July. The previous nadir of -14 had been measured in April following the announcement of Trump’s “Liberation Day” tariffs.
Why It Matters
Trump came into office with a strong net approval rating among this demographic— at + 6 with 49 percent approving of his job performance and 43 percent disapproving. Some high-profile billionaires like hedge fund managers Bill Ackman and Dan Loeb have since spoken out against Trump because of his tariffs policy.
If Trump loses the support of this demographic, it might affect the GOP’s chances of electoral success in the November 2026 midterm elections.
What To Know
The September poll found that 41 percent of Americans with an annual income over $100,000 approve of the way Trump is handling his job as president while 57 percent disapprove.
In January’s The Economist/YouGov poll, 49 percent approved of his job performance and 43 percent disapproved.
The net approval rating quickly became negative (-4 percentage points) with 47 percent approval and 51 percent disapproval.
And in April, the net approval rating fell to -14 percentage points with 43 percent approving and 57 percent disapproving. At the time, stocks had plunged after Trump announced his “Liberation Day” tariffs.
In May, after he paused many of his tariffs, his job approval rating among six-figure earners increased to 47 percent, while 49 percent disapproved.
In June, that gap widened to a -5 point net approval rating. In July, Trump had a 44 percent approval rating against 54 percent disapproval, for a -10 net rating.
The president has recently received other negative polling more broadly. In August, a Quinnipiac poll revealed that the president has a 37 percent approval rating versus a 55 percent disapproval rating.
And according to recent YouGov polling for U.K. newspaper The Times, the proportion of people who disapprove of Trump’s job performance has increased from 52 percent in April to 57 percent in July.
Trump has also seen a decline in his job approval rating among other groups, including rural Americans.
What People Are Saying
Thomas Gift, the founding director of the University College London Centre on U.S. Politics, previously told Newsweek: “Many wealthier voters are likely to be concerned about the potential impact of Trump’s more populist and confrontational style on markets. Trump’s on-again, off-again tariffs are doing nothing to calm the nerves of investors, especially as markets whipsaw in response to statements he’s made about the macroeconomy.”
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