Polling stations across the country will be closing in a matter of hours, wrapping up a historic election year in the United States. With control of the U.S. Congress up for grabs, the outcome of the 2022 midterm elections will have meaningful implications, both for the Biden Administration and the country at large. With so much at stake, both parties have been pumping money into key races.
According to an analysis conducted by Opensecrets, a nonprofit that tracks the influence of money in politics, candidates and political groups are expected to spend some $8.9 billion on federal races alone, the most in any midterm in U.S. history and far more than the inflation-adjusted $7.1 billion spent in the run-up to the last midterm election in 2018. This money is being used to fund campaign rallies, voter registration campaigns, mass mailings, and multimedia advertising. (Here is a look at the states with the closest senate races this election.)
As is the case in every election year, some portion of this money has been accumulated through millions of small donations of $200 or less from the party faithfuls. Still, there are also many wealthy donors who can afford to cut seven figure checks, and as a result, wield outsized influence on our democracy.
Using data compiled by Opensecrets, 24/7 Wall St. identified the individuals who have donated the most money to 2022 midterm election races at the federal level. Each donor on this list has contributed at least $10 million to political parties, candidates, and interest groups in the 2022 election cycle.
Many of the individuals on this list rank among the wealthiest people in the world, with net worths estimated to be in the tens of billions. These donors are presumably funding the campaigns and political parties that they think will protect their interests on Capitol Hill.
Nearly two-thirds of the donors on this list are staunchly conservative, and their donations have gone almost exclusively to Republican party causes. Still, George Soros, the largest political spender on this list by a wide margin, has exclusively supported the interests of the Democratic Party. (Here is a look at the 30 richest Americans of all time.)
Regardless of party, the vast majority of money given by the donors on this list has gone into the pockets of outside groups rather than the candidates themselves. While there are laws in place limiting individual donations to political campaigns, the wealthiest donors can still make unlimited contributions to party committees, PACs, and nonprofit interest groups.
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