The 2022 midterm elections were the most expensive midterms in history. As of December 2022, Senate candidates alone reported raising $1.69 billion collectively. For comparison, Senate candidates raised $1.3 billion for the 2018 midterms and $870 million for the 2014 midterms, adjusted to 2022 dollars.
Four races were the most expensive this election cycle: Senate seats in Georgia, Pennsylvania, Florida, and Arizona. Herschel Walker and Raphael Warnock, the two Georgia Senate Candidates, reported raising $234 million collectively as of mid-November 2022. In Pennsylvania, John Fetterman and Mehmet Oz raised $129 million, the second-highest combined figure among Senate races. Together, the eight candidates raised $589 million, 35% of all Senate fundraising. While some additional fundraising from the Georgia runoff election is yet to be reported, this figure accounts for all the fundraising through the November election.
