The billionaires who spent, won and lost the most at the midterms

Newsweek · Hugh Cameron · 2026-11-04 11:33 UTC

Democrats won the House and Senate and, in doing so, dashed the hopes of some of the nation's wealthiest megadonors.

American billionaires contributed historic sums during the 2026 midterms, and many of the country's wealthiest citizens have discovered that hefty donations aren't always enough to buy the results they want.

According to The New York Times, 20 individuals poured over $2 billion into federal races this cycle, while Al Jazeera reported that the 50 largest donors contributed almost $2.8 billion. OpenSecrets, a political transparency group, found that 1 percent of donors accounted for 98 percent of donations to outside groups, with 64 percent of spending coming from 100 individuals.

While billions of dollars went to both parties, the majority favored Republican campaigns, meaning the majorities Democrats have achieved in both chambers have left a number of billionaires considerably out of pocket.

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