World

2024 US elections break records with $15.9 billion in campaign spending

Swing states like Pennsylvania saw the highest ad investments, with $264 million spent

By AFP
November 06, 2024
This picture shows an exhibition by Chinese artist Dong Dawei titled Yiwus choice of the world, a collection of US election merchandise made in Yiwu - a manufacturing hub in eastern Chinas Zhejiang province, on display at a gallery in Beijings 798 art district on November 5, 2024. — AFP
This picture shows an exhibition by Chinese artist Dong Dawei titled "Yiwu's choice of the world", a collection of US election merchandise made in Yiwu - a manufacturing hub in eastern China's Zhejiang province, on display at a gallery in Beijing's 798 art district on November 5, 2024. — AFP

The 2024 US elections are shaping up to be the most costly in history, with campaign expenditures hitting $15.9 billion, according to a report by OpenSecrets. 

This record-breaking total exceeds the $15.1 billion spent in 2020 and is more than double the amount spent in 2016. The funds cover everything from presidential campaigns to local races.

Vice President Kamala Harris has led the charge in fundraising, raising over $1 billion for her campaign, with 40% coming from small donors. Former President Donald Trump raised $382 million directly for his campaign, with an additional $694 million from affiliated political committees.

The largest single donation came from Timothy Mellon, an 82-year-old banking heir, who contributed $197 million to Trump and Republican causes. Michael Bloomberg was the top Democratic donor, giving about $93 million, while George Soros contributed $56 million through his PAC.

A massive $10.5 billion has been spent on campaign ads alone, with both presidential candidates allocating substantial funds to TV and digital advertisements. 

Despite a shift to online platforms, digital ad spending represented only 17% of the total. Swing states like Pennsylvania saw the highest ad investments, with $264 million spent on presidential race ads.