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U.S. millionaires concerned about inequality, want better wages

Staff writer |
A notable majority of America's millionaires are concerned about economic inequality in the U.S., according to the results of a survey from PNC Wealth Management.

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The PNC Wealth and Values Survey found that 64 percent of millionaires are concerned about economic inequality, including 28 percent that are extremely concerned. Just 36 percent said they are not concerned.

Most of America's millionaires also said they prefer to financially support charitable causes over political parties or candidates.

Sixty-nine percent of millionaires said they support charitable initiatives focused on poverty and hunger in America, while 64 percent said they support scholarship and other educational opportunities for children of lower income families.

Only 31 percent of America's millionaires said they have donated to a political party or candidate within the past year.

"These findings show the wealthy realize that our society is better when everyone is in the game and earning and that economic inequality can have negative consequences," said Thomas P. Melcher, executive vice president and head of Hawthorn, PNC's family office. "Their commitment to charities focused on poverty and education show they care about the future and want to make an impact with their contributions."

The poll also found that 49 percent of America's millionaires support raising the minimum wage, while 38 percent are opposed.

Additionally, 44 percent support raising taxes on top income earners, slightly more than the 41 percent that are opposed.

The survey of 476 individuals with assets of $1 million or more was conducted in September and has a margin of error of plus or minus 4.5 percentage points.

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