Billionaires played an unprecedented role in the 2024 US elections, with 150 of the world’s wealthiest families contributing nearly US$2 billion (£1.57 billion) trying to influence the outcome. This included donations from the likes of Elon Musk (US$133 million for the Republicans) and Michael Bloomberg (US$45 million for the Democrats).
It was a big spend – but from their perspective, a very affordable one. The US$2 billion sum represents just 0.07% of their collective wealth.
Many of those donors were very open about their political spending. But it has also been claimed that some extremely wealthy people often engage in “stealth politics” in the US – seeking to influence policies that may conflict with the majority’s preferences, without attracting public attention.
