US 2024 election sets record with $15.9 billion in campaign spending

The 2024 US election is on track to become the most expensive in history, with a staggering $15.9 billion spent on campaigns, surpassing the $15.1 billion spent in 2020. 

This figure includes contributions for congressional races and presidential contests, according to nonprofit OpenSecrets. The total represents more than double the amount spent in the 2016 election.

Vice President Kamala Harris has led the fundraising effort in the highly competitive presidential race, raising over $1 billion, with 40% of it from small donors. Former President Donald Trump raised $382 million directly for his campaign, with 28% from small donors, and an additional $694 million from affiliated committees.

Major donors included reclusive banking heir Timothy Mellon, who contributed $197 million to Trump’s campaign and related Republican causes. On the Democratic side, Michael Bloomberg emerged as the top donor with $93 million, while George Soros donated $56 million via his political action committee.

A significant portion of the spending—$10.5 billion—has been directed toward campaign ads, with both Harris and Trump’s campaigns spending heavily on television, digital, and social media platforms. Despite the rise of digital entertainment, online platforms accounted for just 17% of the total ad spending. Pennsylvania led the swing states in ad spending, with $264 million invested for the presidential race alone.