- Together, 22 self financing candidates have spent more that the GDP of small countries.
- While many of the biggest self-funders in 2022’s midterm elections were unsuccessful, others remain in close races.
- Illinois Gov. JB Pritzker (a hotel heir) leads the group. Mehmet Oz, US Senate candidate, is close behind.
Hotel heir, former TV doctor, construction magnate, former US ambassador and the sons from two top-tier sports owners.
This isn’t a joke. It’s a cross-section from ultra-wealthy candidate who collectively spent nearly $433 million during the 2022 midterm elections cycle.
Or, put another way, self-funded candidates have spent more than the nation Palau. Most recent GDPOr just enough to purchase Colorado’s Major League Soccer team.
Illinois Gov. JB Pritzker is easily the most prominent. The heir to the Hyatt hotel fortuneThe incumbent Democrat has spent more than $152 million just on his 2022 reelection effort.
Other political self-funders haven’t been so lucky — A little-known truth in politics is highlightedWealthy people who depend mostly on their own funds to run are less likely to win the seats they want.
Lynda Blanchard (Trump’s former US Ambassador to Slovenia), who donated more than $1.1 million to a US Senate Campaign campaign before giving up on that effort in favor to challenge the Republican governor. Kay Ivey. Blanchard spent $6 million more for her second race. Ivey beat her anyway — by about 36 percentage points.
Self-funding a campaign for political purposes is risky, despite its obvious benefits of instant cash. Candidates who raise gobs of money from donors, instead of their own bank account, receive the added benefit of engaging with and energizing an electorate — something that’s critical to actually getting people to vote for you.
The majority of top self-funders are white men. This shows how the racial inequality can flow down from corporations to Congress and governors’ mansions.
Their fortunes are derived from generational privilege. Some have connections to some of America’s most famous brands. Others simply assumed control of family-owned businesses and expanded their reach. Others were able to create their own success.
Insider reviewed federal and state campaign financing data, as well data compiled by OpenSecrets to give a complete picture on the top spenders as of October 31.
