A new survey out this week finds President Donald Trump is the favorite candidate of America’s millionaires — and his support seems to be strengthening. But it also says, in a head-to-head match up he would lose to Democratic candidate Joe Biden in the next Presidential election.



Asked which candidate they support for president in 2020, 36% of millionaires named Trump, up from 32% in May, according to the CNBC Millionaire Survey. The second-favorite candidate is former Vice President Joe Biden, with 14%. Sen. Elizabeth Warren came in third, with 8%. The survey was conducted before Michael Bloomberg entered the race.



Millionaire support for Trump has also grown over the past three years. In mid-2016, Trump trailed Hillary Clinton by 13 points among millionaires. Of the wealthy today who have donated to a campaign, the largest number — 39% — have donated to Trump.



Still, their support for Trump — and their all-important donor dollars — depends in large part on who he faces in 2020. When asked who they would support in one-to-one matchups, Joe Biden beats Trump 48% to 41%, according to the survey. Biden would even get 18% of Republican millionaire votes in a Trump-Biden matchup.



The only other Democratic candidate who beats Trump among millionaires is Pete Buttigieg, who edges past Trump 46% to 43%. Trump easily beats both Bernie Sanders and Elizabeth Warren among millionaires.