Has there been a better time for billionaires to run for office than now?
With a net worth of $54.1 billion, former New York City mayor Michael Bloomberg is the richest man ever to run for president of the United States. He plans to act like it.
Bloomberg helped lead the way. In 2009, Bloomberg, then the second-richest man in New York City, became the first politician to spend more than $100 million of their own money on a political campaign. He pumped $102 million into his third mayoral bid in the depths of the Great Recession. He barely won. Across three successful mayoral bids, Bloomberg spent a quarter of a billion dollars.
But the public funding system began to crumble earlier, thanks to the ambitions of the extremely rich. Former Texas Gov. John Connally was the first candidate to refuse public funds, which he did in the 1980 Republican Party primary. He spent $500,000 of his own money. By 2008, no one took public funds in either party primary. And after Obama won the Democratic nomination, he became the first general election candidate in the 30-year history of public financing to decline the funds, a decision that effectively killed the system. The super-wealthy would no longer be burdened by any norm of taking public funds going forward.
Illinois Gov. J.B. Pritzker spent $171 million of his $3.4 billion fortune in 2018 to set the record for most personal money spent on election for any office. He beat incumbent Republican Bruce Rauner, who is himself worth nearly $1 billion and spent $57 million of his own money in that same election.
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