How a tiny group of billionaires came to dominate American politics

How a tiny group of billionaires came to dominate American politics

Over the past two decades, the richest Americans have evolved from important donors into America's central power brokers in national politics. Their influence now shapes who runs for office, which policies advance, and even who occupies top government positions. A tiny fraction of the population now controls a vast and growing share of political spending, creating a system that increasingly favours money over broad popular support. Many Americans, including some within the political elite, now say that the United States is drifting toward a form of oligarchy, the Washington Post reported.

An upsurge in political spending

In 2000, the 100 wealthiest Americans contributed a sliver of total US federal election spending. Today, they account for roughly $1 in every $13 spent in national campaigns. Their donations surged after court rulings in 2010 opened the door to unlimited corporate and union spending and paved the way for super PACs. As campaigns grew more expensive, candidates grew more reliant on wealthy backers. The result is a dramatic rise in the political power of a highly concentrated group of individuals.

Why billionaires are giving more

Many billionaires said their involvement was, in essence, a response to deep political divisions and to policies, actual or proposed, that they feared would harm their interests or put the country on a perilous course. Donors like John Catsimatidis, the New York real estate and oil mogul, have given many times more than in years past, motivated by concern about taxation, regulation and cultural shifts. Others say they fear economic instability or believe their business experience uniquely equips them to guide national policy. Whatever their reasons, the ability to write multimillion-dollar checks provides unparalleled access and clout.

A shift toward Republicans

Billionaire support has dramatically tipped toward the Republican Party. Above 80 percent of donations from the 100 wealthiest Americans in 2024 flowed to Republican candidates or conservative groups. The dynamic is emblematic of growing frustration among leaders in tech and finance with Democratic criticism and regulatory efforts. Stark promises to limit regulatory efforts on AI and cryptocurrency, coupled with tax cuts and business-friendly policy, helped land support with Trump and his allies. Trump won far more from the ultrarich in 2024 than during his first campaign and made sure to seal the deal.

From donor to officeholder

Money is no longer the only route to power. Dozens of billionaires or their spouses have held elected or appointed positions at the state or federal level in the past decade. Some, like Illinois Governor JB Pritzker and US Commerce Secretary Howard Lutnick, moved directly into prominent roles. Though billionaires have been appointed to government positions by several presidents, the Trump era has witnessed an unprecedented level of billionaire involvement. But billionaires play a different role today: They are advisers, donors and policymakers all at once.

Public concern and political backlash

But while wealthy donors celebrate a trend that, in their view, heightens their influence, a lot of Americans treat the same trend as an ominous one. Most polls show that a majority believe billionaire spending hurts democracy because ordinary voters fall silent. The language of "oligarchy" has entered the mainstream political debate, used not only by left-wing activists but by centrist leaders warning that extreme wealth now distorts representation. Large rallies led by Bernie Sanders are a reflection of increasing anxiety over inequality and political capture.

Bounds of billionaire power

Yet wealth is no guarantee of victory. High-profile races have routinely demonstrated that billionaires' support cannot overcome potent opposition or candidate weaknesses. Other candidates have even managed to turn attacks from wealthy donors into political fuel, positioning themselves as representatives of ordinary people against entrenched financial interests. In such moments, money can help mould elections, but not completely control them.

The system forward

The sway of billionaire donors is unlikely to subside. Campaigns continue to grow more expensive, and legal barriers to major spending remain limited. Even politicians who strike a critical tone toward wealthy donors often rely on their funding to stay competitive. Attempts at placing restrictions on political spending have faced legal and political challenges, and reform remains uncertain.

The rise of billionaire power is coming close to a roots change in American politics. An infinitesimal number of citizens has now attained an unparalleled financial influence on shaping national priorities and government leadership. Whether this trend leads to deeper public distrust or sets off meaningful reform will help determine the future of American democracy.