About 1 in every 13 dollars spent in the 2024 election came from a handful of US billionaires. Here’s what that means for your wallet

Regardless of your political leanings, here’s how the growing political influence of the uber-rich could have an impact on your daily life.

The growing political influence of the ultra-rich

Income inequality has been rising in the U.S. for decades (1), and the rich are getting richer — there are now roughly 902 billionaires in the U.S. (2) who are collectively worth more than $6.7 trillion. (3) That’s double the number of billionaires from just over a decade ago, according to Forbes data.

Reporters at The Washington Post recently analyzed figures from OpenSecrets, a nonpartisan, independent nonprofit that tracks money in politics. They found that “since 2000, political giving by the wealthiest 100 Americans to federal elections has gone up almost 140 times.” (4)

In 2000, those 100 individuals accounted for about a quarter of 1% to the total cost of federal elections. But, by 2024, this had risen to about 7.5%. “In other words, roughly 1 in every 13 dollars spent in last year’s national elections was donated by a handful of the country’s richest people,” according to The Washington Post. (5)

This growing concentration of political spending has raised concerns that billionaire priorities could increasingly overshadow the financial needs of average households.

As New York City billionaire John Catsimatidis told The Washington Post: “If you’re a billionaire, you want to stay a billionaire.” He said his multi-million-dollar donations to Republicans are intended to help shape an America that reflects his vision of what the country should be.

Beyond campaign contributions, some U.S. billionaires are also using their vast resources to enter politics themselves.

At least 44 American billionaires or their spouses “have been elected or appointed to state or federal office in the past 10 years, from high-level Cabinet posts to more obscure advisory board seats,” according to The Washington Post. (6)

Whether they’re donors or politicians, these billionaires are wielding their wealth and influence to shape government policy.

They’ve been successful in doing so through multiple administrations over the past several decades, but the current administration’s agenda of deregulation and tax cuts is aimed squarely at benefitting the rich — often at the expense of programs that help the average American.

How big-money influence can affect your finances

The One Big Beautiful Bill Act would make permanent the 2017 tax cuts, which provide disproportionate benefits to high-income households. The measure would be funded, in part, through cuts to Medicaid, which could result in an estimated 11.8 million people losing health insurance by 2034. (7)

It also would slash funding for the Supplemental Nutrition Assistance Program (SNAP) — which provides food assistance to about 42 million people — by an estimated $267 billion, and includes changes that could make it harder for borrowers to both receive and repay loans.

Many of America’s uber-wealthy made their money in the finance and technology sectors, and critics say policies are increasingly being enacted that favor these industries — sometimes at the expense of consumers.

For instance, the current administration plans to shut down the Consumer Financial Protection Bureau (CFPB), which helps protect consumers from illegal or unscrupulous behavior by financial institutions. Since it began operations in 2011, it has returned $21 billion to consumers through its enforcement and supervisory work. (8)

Trump has also said he plans to sign an executive order that tech billionaires are likely to celebrate. The order, which would pre-empt artificial intelligence regulations, has raised concerns among academics, safety groups, and state lawmakers that this would allow AI companies to escape accountability if they harm consumers.

“We’re in a fight to determine who will benefit from AI: Big Tech CEOs or the American people,” Sacha Haworth, executive director of The Tech Oversight Project, said in a statement.

“We cannot afford to spend the next decade with Big Tech in the driver’s seat, steering us toward massive job losses, surveillance pricing algorithms that jack up the cost of living, and data centers that are skyrocketing home energy bills.” (9)

What you can do to protect your finances

The influence that billionaires have on public policy isn’t just abstract — it can have real effects on your life and your finances. If you want to stay informed and consider taking action, a good place to start is by finding out which government policies are being implemented and how they could affect you.