Thirty-two percent of millionaire investing dollars are currently in financial stocks, according to the CNBC Millionaire Survey conducted in March, up from 21 percent the last time CNBC surveyed millionaires in October 2014.
Millionaires have reduced exposure to technology stocks from 21 percent of their investment portfolios to 13 percent, according to the survey, conducted by Spectrem Group for CNBC.
"I don't think political leanings have a lot to do with how people invest. People invest based on their wallet," said Tom Wynn, director of affluent research at Spectrem Group, which conducted the study for CNBC. "As the economy grows, banks and financials are more busy."
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Based on historical patterns, the early period of a rising interest-rate era is also supposed to favor bank stocks.
Bullishness among millionaires for financials is expected to continue: 23 percent of those surveyed said financials will see the greatest amount of their investing dollars in 2015, up from 14 percent in the October survey. Among the $5-million-plus investors, that rises to 27 percent. Technology is expected to decline from 19 percent of future investments to 14 percent—and only 8 percent for the $5-million-plus crowd.