The 2024 US election is on track to become the most expensive in American history, with total spending reaching an unprecedented $15.9 billion, according to OpenSecrets. This surpasses the previous record of $15.1 billion set in 2020 and more than doubles the spending from the 2016 election.
In the closely contested presidential race, Vice President Kamala Harris has emerged as the top fundraiser. Her campaign raised over $1 billion directly, with an additional $586 million from supporting political action committees (PACs). Notably, 40 percent of her campaign funds came from small donors, highlighting a broad base of support.
Donald Trump, her Republican challenger, has raised $382 million in direct contributions, with 28 percent from small donors, alongside $694 million from affiliated PACs.
Timothy Mellon, the 82-year-old banking heir, was the top donor, contributing $197 million to Trump and various Republican causes. Other major Republican donors included Richard and Elizabeth Uihlein, casino magnate Miriam Adelson, and Elon Musk, each giving over $100 million.
On the Democratic side, former New York Mayor Michael Bloomberg has contributed $93 million, while philanthropist George Soros provided $56 million through his PAC.
A significant $10.5 billion has been spent on campaign ads from the presidential race down to local offices, as reported by AdImpact. The Harris and Trump campaigns alone have spent $2.6 billion on ads since March, with Democrats outspending Republicans $1.6 billion to $993 million. Key issues highlighted in Harris’s ads include abortion rights, the economy, and healthcare, while Trump’s ads emphasize immigration, inflation, and crime.
Swing states have seen the highest ad spending, led by Pennsylvania at $264 million, followed by Michigan and Georgia. Across all races, Pennsylvania recorded the highest spending at $1.2 billion, covering both state and local levels.
While digital platforms play an increasingly significant role, they only captured 17 percent of total ad spending, totaling $419 million. Democrats led on Meta platforms like Facebook and Instagram, spending $132.4 million compared to Republicans’ $24.7 million. Meanwhile, on X, Republicans outspent Democrats $1.1 million to $150,000.
As the 2024 election continues, this record-breaking spending underscores the critical issues at stake, including economic policies, abortion rights, and healthcare, as both parties aim to capture the votes needed to secure victory.
