The 2024 US election has seen a projected $15.9 billion in total spending across all federal races, surpassing the 2020 record of $15.1 billion and far outpacing the $6.5 billion (not adjusted for inflation) spent in 2016.
This year’s presidential race has also set fundraising records
Kamala Harris’s campaign and outside PACs have raised $1.6 billion, compared to Donald Trump’s $1.1 billion. The combined sum of $2.7 billion surpasses the $2 billion raised for Trump and Biden in 2020.
When President Joe Biden withdrew from the race in June and endorsed Harris, the Democratic campaign raised $81 million in just 24 hours; over $1 billion was collected in three months.
While campaign finance laws set donation limits—$3,300 per person per election cycle—PACs and super PACs allowed for higher contributions from wealthy donors.
More billionaires swayed left
According to Forbes, Harris has the support of at least 83 billionaires, including Michael Bloomberg and Bill Gates, each contributing $50 million.
Trump, on the other hand, has 52 billionaires backing him. His largest backers, Timothy Mellon and Elon Musk, have contributed nearly $250 million together, with Mellon donating over $100 million and Musk over $120 million.
With a net worth of just under $6 billion, Trump is the wealthiest general election candidate ever, while Harris’ net worth is 0.1% of Trump’s.
While billionaires rally behind the presidential candidates, voters rank inflation and cost of living as top concerns, according to Financial Times.
Trump blames “Bidenomics” for high prices, while Harris defends the current approach. Both candidates are nearly tied in voter trust on economic issues.
The race between the two candidates appears neck and neck as Harris and Trump both predicted victory campaigning across Pennsylvania and other battleground states yesterday.