Wealthy Americans have spent hundreds of millions from their fortunes in their quests to join Congress. It usually doesn’t pay off.
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The most recent example came Tuesday in Maryland, when billionaire and former congressman David Trone’s record-breaking $25 million comeback bid ended in defeat in the Democratic primary. Trone, who amassed his fortune by co-founding a national alcohol retailer, has been one of the most prolific self-funders of congressional campaigns. He spent $134 million across six races over the course of a decade, winning three terms in the House but spending $101 million on contests he lost.
This year, voters gave mixed results to self-funded candidates on the ballot for state offices too. In California, billionaire climate activist Tom Steyer spent $218 million on his Democratic campaign for governor but narrowly failed to advance to the general election. In Georgia, billionaire health care executive Rick Jackson won the Republican gubernatorial primary after spending more than $100 million on his gubernatorial bid.
Of the top 20 self-funded congressional campaigns since 2000 by spending, only four were successful, according to a Washington Post analysis of publicly available campaign finance data from OpenSecrets and the Federal Election Commission. Together, the candidates spent more than $600 million on their campaigns.
Here’s what to know about the top 10 spenders.
Won 2018 U.S. Senate race in Florida
Scott, then the Florida governor who was term-limited and launched a bid for Senate, narrowly defeated the Democratic incumbent, Bill Nelson, by less than one percentage point.
Lost 2024 U.S. Senate primary in Maryland
Trone torched the most money when he gave up what was considered a safe reelection bid in the House to seek a rare open Senate seat. He lost the Democratic primary to the general-election winner, Angela Alsobrooks, and her coalition of institutional support, despite spending twice as much.
Won 2000 U.S. Senate race in New Jersey
A former Goldman Sachs chief executive, Corzine defeated Republican Bob Franks and broke the spending record at the time for a statewide race.
Lost 2010 U.S. Senate race in Connecticut
McMahon, the current education secretary and former World Wrestling Entertainment executive, launched her first campaign for elected office when she ran for a Senate seat in Connecticut. She lost to Richard Blumenthal (D).
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Lost 2012 U.S. Senate race in Connecticut
McMahon again tapped her fortune to run for Senate two years later. She lost the general election to Rep. Chris Murphy (D).
Lost 2018 U.S. Senate race in New Jersey
Hugin, the former chairman of the pharmaceutical company Celgene, lost the general election for a Senate seat in New Jersey to incumbent Bob Menendez (D).
Lost 2004 Democratic U.S. Senate primary in Illinois
In a crowded race for a Senate seat in Illinois, Hull, a businessman who founded a trading company that bore his name until he sold it to Goldman Sachs, poured money into a primary campaign only to finish third. Hull lost to then-state Sen. Barack Obama.
Lost 2022 U.S. Senate race in Pennsylvania
The former television personality was backed by President Donald Trump in the race for a Senate seat in Pennsylvania. Oz lost to Democrat John Fetterman. Now, he runs the Centers for Medicare and Medicaid Services.
Won 2024 U.S. Senate race in Florida
Scott won a second term in his Senate seat in 2024, outspending and overcoming former Democratic congresswoman Debbie Mucarsel-Powell.
Lost 2026 Democratic House primary
Trone broke the record he set in 2018 for being the largest self-funder of a House race in history. He tried to reclaim the seat he gave up to run for Senate but lost Tuesday’s primary to incumbent Rep. April McClain Delaney. Delaney put more than $7 million of her own fortune into the race, but spent less than half of what Trone’s campaign did.
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