How Billionaires Quietly Reshaped American Politics

Estimated reading time: 5 minutes

Key takeaways

  • The richest 100 Americans boosted their election spending from $46 million in 2004 to over $1 billion in 2024, now accounting for 1 in every 13 campaign dollars.
  • The U.S. now has 902 billionaires, more than any other country and roughly double the number from just over a decade ago.
  • Roughly 80% of billionaire money in 2024 from the richest 100 Americans went to Republican candidates and causes, driven heavily by a rightward shift in the tech sector.
  • Supreme Court and federal court rulings loosening campaign finance rules opened the door to unlimited super PAC donations from ultra-wealthy donors.
  • Despite their power, billionaire spending can backfire, with recent state-level races showing voter backlash against perceived billionaire overreach.

Table of contents

How billionaire money in politics exploded

America’s relationship with wealth has always been ambivalent: we celebrate success, yet worry about unfair influence. The latest numbers show why that tension is growing.

According to reporting discussed on PBS NewsHour, the 100 richest Americans spent about $46 million on federal elections in 2004. At the time, that was a peak. By 2024, that figure had surged to over $1 billion. Today, spending by this ultra-elite group makes up roughly 1 out of every 13 dollars spent in national elections.

Two major trends explain this spike:

  • More billionaires, with more wealth: Forbes counted 902 U.S. billionaires recently, more than any other country and about twice as many as just over a decade ago. For someone worth tens of billions, dropping hundreds of millions on politics can feel like spare change.
  • Looser campaign finance rules: Supreme Court and federal court decisions have chipped away at restrictions, especially by enabling unlimited contributions to super PACs, which can then spend freely to influence elections.

This combination—more billionaires plus fewer limits—has created a political environment where a small group of individuals can massively outweigh the role of ordinary donors.

Why billionaire money is tilting to the right

One eye-catching finding: roughly 80% of the 2024 election spending from the 100 richest Americans went to Republicans.

Historically, parts of the billionaire class, especially in tech, leaned more liberal. That pattern is shifting. The tech industry, once seen as a bastion of progressive donors, has become a major source of right-leaning political money. Wealthy tech figures have increasingly embraced conservative or anti-establishment politics, aligning with a vision of smaller government and fewer regulations.

In this environment, ultra-wealthy donors are gravitating toward a political style that is openly business-first and skeptical of the regulatory state. That has made today’s Republican Party a particularly attractive vehicle for billionaire influence.

What billionaires get in return

Why would billionaires invest so heavily in campaigns? Based on interviews and reporting summarized in the PBS segment, several motivations emerge:

  • Regulatory rollback: Many ultra-wealthy donors like leaders who promise to “dismantle” regulations and shrink the bureaucracy they view as a “deep state.” That can mean looser rules on finance, environment, labor, and tech.
  • Access and influence: Major donors frequently gain advisory roles, seats at events, and direct lines to decision-makers. Recent administrations have included billionaires in Cabinet positions and inner circles.
  • Ideological alignment: Many simply want to see their vision of the country—on taxes, trade, social issues, or national identity—become policy.

If you have access to a billionaire, it makes you very attractive as a candidate.

That candid observation underscores how campaigns now see billionaire backing as a strategic asset in a money-driven political ecosystem.

Is it just more money, or a new norm?

Wealthy donors have always mattered in U.S. politics. What is different now is both the scale and the openness of billionaire influence.

Recent administrations, especially those led by business-oriented presidents, have “flung open the doors” to ultra-wealthy allies, placing them in Cabinet roles, advisory councils, and ceremonial spots at major national events. This isn’t just quiet donor access behind the scenes; it is a public, almost celebratory embrace of billionaire power.

Looking ahead, some analysts even anticipate the emergence of trillionaires within the next decade. If current trends hold, the political influence of the ultra-rich could keep expanding, making today’s record-breaking spending seem modest in hindsight.

The limits of billionaire power and voter backlash

Despite their immense resources, billionaires do not always get what they pay for.

Two recent examples highlighted in the conversation:

  • Wisconsin state Supreme Court race: A high-profile tech billionaire poured roughly $20 million into a state judicial race and lost, facing protests and public criticism over the outsized spending.
  • New York City mayoral contest: After a candidate who criticized billionaires gained traction, several ultra-wealthy donors tried to block his rise. Voters ultimately rejected their preferred outcome.

These cases show a key tension: money can amplify a message, but it cannot force voters to agree. When billionaire involvement becomes too visible or heavy-handed, it can trigger backlash among voters who feel their democracy is being purchased.

Public sentiment reflects this discomfort. In a Washington Post/Ipsos poll, 58% of respondents said billionaire spending on campaigns is bad for the country. That skepticism may grow as billionaire political engagement becomes more conspicuous.

How voters and readers can navigate this landscape

If you are concerned about billionaire influence, there are practical steps you can take as a reader, voter, and citizen:

  • Follow the money: Use resources like FEC filings, nonpartisan watchdog groups, and investigative outlets to see who is funding whom in your local and national races.
  • Look beyond the ads: When you see a high-production political ad or social media blitz, ask: Which super PAC is behind this? Who funds it?
  • Support transparency reforms: Consider backing policies and organizations that push for clear, timely disclosure of large donations and super PAC spending.
  • Diversify your information sources: Balance donor-funded messaging with independent reporting, public media, and in-depth explainers.

For deeper context on money in politics and how it shapes elections, you can explore:

  • Nonpartisan guides to campaign finance and super PACs
  • Data-driven election coverage from reputable outlets and academic centers
  • Local journalism, which often uncovers how national money filters into state and city races

By staying informed and skeptical of big-money narratives—regardless of party—readers can play a more active role in keeping democratic accountability at the center of American politics.

Source: https://www.pbs.org/newshour/show/how-the-new-class-of-billionaires-solidified-outsized-political-influence