(NewsNation) — Money is a factor that can make or break political campaigns in the U.S. While policy positions and connecting with voters are important in a run for the White House, having cash on hand can ultimately be the lifeblood of a presidential race.
When it comes to personal wealth, who are the richest 2024 presidential candidates? Donald Trump, Vivek Ramaswamy, Dean Phillips, Robert F. Kennedy Jr. and Joe Biden take the top five spots.
The Billionaire Candidates
Donald Trump’s Empire
The former president has a net worth of $2.6 billion, according to a Forbes estimate from Sept. 2023.
In a breakdown of his assets, the outlet said Trump has $640 million in cash and personal assets, $690 million in New York City real estate, $190 million in non-New York City real estate, $870 million in golf clubs and resorts, and $160 million in social media and brand business.
Vivek Ramaswamy’s Self-Made Fortune
The entrepreneur’s net worth reached $1 billion at one point in August 2023, making him one of the 20 youngest billionaires in the U.S. But a drop in the market reportedly pushed him under the billion-dollar threshold, and he has an estimated net worth of more than $950 million.
Ramaswamy founded Roivant Sciences, which he stepped down as CEO from in 2021. The company is worth more than $7 billion.
The Harvard graduate also created Strive Asset Management, which has been described as an “anti-woke investment fund.”
Democratic Contenders
Joe Biden‘s Net Worth
The president is worth an estimated $10 million, which is up from $8 million when he first took office, Forbes reports.
The outlet said Biden is making money by sitting on real estate like his Rehoboth Beach summer home worth an estimated $4.5 million, now more than $1.7 million more than its original cost.
Marianne Williamson’s Financial Journey
The author and spiritual teacher is said to be worth around $2.5 million.
The 71-year-old Texas native served as a former spiritual adviser to Oprah Winfrey, has written 15 books and co-founded The Peace Alliance.
Dean Phillips
Phillips is considered one of the wealthiest members of Congress with an economic disclosure filing posted by Axios showing an estimated net worth between $20.5 million and $70 million.
The Minnesota congressman is heir to his stepfather’s Phillips Distilling Company empire. He was CEO until 2012 until he resigned. He later went on to run gelato maker Talenti and co-found Penny’s Coffee in the Twin Cities.
Cenk Uygur
The progressive media host’s net worth is reportedly estimated at $5-10 million.
As the co-creator of “The Young Turks,” the online show is a major source of his money and has helped him build his net worth.
Uygur announced his White House run in October 2023.
Republican Rivals
Nikki Haley’s Wealth
The former South Carolina governor reportedly has a net worth of $8 million. She had a net worth of $1 million when she resigned as Trump’s United Nations ambassador in 2018.
At the time, she told Trump in her resignation letter: “I expect you will appreciate my sense that returning from government to the private sector is not a step down but a step up.”
In 2022, she raked in at least $2.3 million for speeches, $700,000 in consulting fees and $300,000 in cash and stock from Boeing.
Ron DeSantis and His Earnings
According to a state disclosure filing, the Florida governor is worth more than $1.17 million.
Last year, his salary as governor was reportedly more than $140,000 and he received a hefty advance to write his second book.
Asa Hutchinson’s Net Worth
The former governor of Arkansas has a net worth of $1.5 million, Forbes reports. The outlet says most of Hutchinson’s wealth is tied up in his home along with his pensions.
Independent Prospects
Robert F. Kennedy Jr.’s Fortune
Though he shares the prosperous Kennedy name, Forbes estimates Robert F. Kennedy Jr.’s net worth to be about $15 million.
That figure includes the assets of his spouse actress Cheryl Hines, his shares in the Kennedy trusts, his real estate and investments.
Cornel West’s Net Zero Net Worth
The professor and political activist reportedly has a net worth of near zero. He told Forbes last year, “I live paycheck to paycheck.”
Comparative Analysis
So, does money matter in elections? While it can prove a candidate’s viability in early stages of a campaign and help with hefty expenses like advertising, it doesn’t always guarantee a win.
The 2024 presidential election so far has garnered roughly $269 million in fundraising for candidates, according to a NewsNation report from November. Republican candidates are spending more and raising more campaign money than Democrats, according to Federal Election Commission (FEC) filings.
When it comes to individual candidates, Trump and Biden have reportedly raised the most money, with Biden’s campaign spending the most so far.
The 2024 election cycle is projected to be the most expensive political cycle of all time, ad tracking firm AdImpact said in September 2023. While gubernatorial and congressional races are lumped into that analysis, the firm said presidential ad spending is on track to spend significantly more than during the 2020 presidential primary.
