October 7, 2026
- California’s 236 billionaires control $2.14 trillion of national wealth as of September 1st. That is up $706 billion (49%) just since November of 2024.
- California’s billionaire class has spent $369 million to influence the outcomes of federal 2026 midterm elections, this is on top of the $11 million they are also spending to defeat a statewide ballot referendum to enact a 5% billionaire wealth tax.
- Democratic committees and liberal outside spending groups received $178 million from California billionaires, while Republican committees and conservative outside spending groups received $186 million from California billionaires.
- The top California billionaires federal election spenders are Marc & Laura Andreessen ($75 million), Ben & Felicia Horowitz ($74 million), Chris & Lyna Larsen ($66 million), Greg & Ann Brockman ($50 million), and Brian Armstrong ($47 million). Additionally billionaire Tom Steyer spent $215 million in self-funding for his failed California gubernatorial campaign.
- As of August 28th, billionaires have contributed $5.2 million directly to California candidates running for federal office and $400,000 to state & local party committees. Outside spending groups—primarily Super PACs—have flooded California airwaves and mailboxes with over $7 million of billionaire sourced political spending for federal candidates. With the general election just weeks away, expect this figure to grow dramatically.
- The races for California’s 48th and 22nd Congressional districts have by far received the most billionaire spending, $2 million and $1 million respectively. In both races the plurality of billionaire spending went to attacking the progressive candidates.
- Ammar Campa-Najjar, Democratic candidate for CA-48, was hit with $3.3 million of negative outside spending, $927,000 of which directly from billionaires. He did not advance to the general election.
- Democratic candidate for CA-22 Randy Villegas overcame $2.2 million of negative outside spending, of which $459,000 came from billionaires, to advance to the general election where he faces Republican incumbent David Valadao.
- Dark Money groups, who don’t have to reveal their donor lists, have spent at least $5.9 million to influence the midterm elections in California.