The 2024 US election has reached historic levels of campaign spending, with total contributions surpassing $15.9 billion, according to nonprofit OpenSecrets. This amount eclipses the previous record of $15.1 billion in 2020 and is more than double the $6.5 billion spent in 2016.
In a fiercely contested presidential race, Vice President Kamala Harris has emerged as the top fundraiser, raising over $1 billion directly, with 40% of that amount from small donors. Additionally, political action committees (PACs) supporting Harris contributed an extra $586 million. “This level of support underscores the commitment to the values we’re fighting for,” Harris’s campaign noted.
On the Republican side, Donald Trump’s campaign directly raised $382 million, with 28% coming from small donors, and PACs aligned with Trump contributed $694 million. His campaign’s largest single donor was banking heir Timothy Mellon, who contributed $197 million to support Trump and other Republican candidates. Other notable Republican contributors included business magnates like Richard and Elizabeth Uihlein, casino owner Miriam Adelson, and tech entrepreneur Elon Musk.
Meanwhile, Democratic mega-donor Michael Bloomberg has contributed a significant $93 million to support Harris, while George Soros’s PAC added $56 million. Bloomberg stated, “These contributions are aimed at preserving the democratic values at stake in this election.”
In total, $10.5 billion has been spent on campaign ads across all races, from the presidency to local offices, according to AdImpact data. Harris and Trump alone spent $2.6 billion on ads between March and November 1, with Democrats allocating $1.6 billion and Republicans $993 million. Key issues highlighted in Harris’s ads included taxation, healthcare, and abortion rights, while Trump’s campaign emphasized immigration, crime, and economic issues.
Swing states received substantial campaign investments, with Pennsylvania leading at $264 million in presidential ad spending, followed by Michigan at $151 million and Georgia at $137 million. Digital platforms accounted for $419 million of overall ad spending, with Democrats outspending Republicans on Meta platforms Facebook and Instagram $132.4 million to $24.7 million. On the social media platform X, however, Republicans led spending with $1.1 million compared to Democrats’ $150,000.
This unprecedented election spending demonstrates both the stakes of the 2024 election and the intense financial support backing both campaigns across the country.
