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These Billionaire Donors Spent The Most Money On The 2020 Election

Here are the billionaire donors Forbes found that spent the most on the 2020 election:

2/28/2021 6:45:00 PM

Here are the billionaire donors Forbes found that spent the most on the 2020 election:

They collectively shelled out $2.3 billion, more than twice as much as Joe Biden ’s entire campaign.

Billionaires played a bigger role in the 2020 election than ever before. Three of them—Donald Trump, Michael Bloomberg and Tom Steyer—ran for president. A fourth, Howard Schultz, flirted with the idea.They donated money, too. Lots of it. More than 200 chipped in to support their favorite presidential candidates. The top 20 collectively spent $2.3 billion. Or a little more than twice as much as Joe Biden’s campaign. And just one person donated more than half that sum.

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Even still, the donations won’t make much of a dent in the billionaires’ fortunes, which are growing at a faster rate than campaigns’ expenditures. In fact, a number of the donations are relatively modest in comparison to their outsize fortunes.“Buying influence, for a regular American, would be incredibly expensive,” says Robert Maguire, Citizens for Responsibility and Ethics in Washington research director. “[Billionaires] get an outsize influence at what is—to them—just an incredibly affordable rate.”

To drive home this point, we compared what these billionaires spent to what the equivalent would be for someone with the median American household net worth, which was $121,700 in 2019, according to the Federal Reserve Board’s Survey of Consumer Finances.

Here are the donorsForbesfound, ranked in order of how much they spent and listed with their donation converted to an equivalent sum based on the median household income.Our analysis tallies itemized contributions of at least $100 made by individual billionaire donors and their known spouses to federal candidates and political action committees tracked by the Federal Election Commission during the 2019–20 election cycle, through December 31, 2020.

Read more: Forbes »

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