Democrats Outnumber Republicans Among California Billionaires

A POLITICO analysis of matched voter records finds Democrats lead Republicans among the state's billionaires even as many have no party preference.

Updated on Nov. 4, 2026 in Political Parties

Democrats Outnumber Republicans Among California Billionaires

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POLITICO matched 166 of more than 250 current or recent California billionaires to the state voter file and found 36 per cent were registered Democrats, while 39 per cent had no party preference. Billionaires spent a record $612 million across the state's 2026 election contests.

Why it matters

The findings show how wealth and party registration intersect in California politics at a time of record outside spending on state races. Readers can see how the state's largest private donors align with the broader electorate.

Matched voter-file analysis found 36 per cent of 166 billionaires were Democrats and 39 per cent had no party preference, against statewide shares of about 45 and 23 per cent. The billionaire voter records and statewide registration figures were compiled from data gathered on different dates.

The players

POLITICO

A political news outlet that conducted the analysis matching Forbes billionaire data to California voter registration records.

Tom Steyer

A billionaire investor who spent more than $200 million on a campaign for California governor in 2026 and did not advance past the June primary.

The details

POLITICO used Forbes data to identify more than 250 current or recent California billionaires and matched 166 of them to the state's voter file. Tom Steyer spent more than $200 million campaigning for governor but did not advance beyond the June primary, while Proposition 40 proposed a one-time 5 per cent tax on certain Californians with assets above $1 billion.

June 2026: Steyer failed to advance beyond California's June primary.
September 2026: Billionaire voter records were provided to POLITICO.
October 2026: The secretary of state reported statewide registration percentages.
November 3, 2026: California's 2026 election cycle culminated.

Political Context

The record billionaire spending tied to Proposition 40, which proposed a one-time 5 per cent tax on assets above $1 billion, frames the voter-registration patterns in this analysis. Opponents and supporters of wealth-based taxes are the core counter-arguments shaping how these donors engage with state politics.

Proposition 40's proposed tax would apply to certain Californians with assets above $1 billion, so the billionaire spending and registration patterns reported here bear on how the state weighs wealth-based revenue measures. Voters can compare these findings with statewide registration figures when assessing the influence of large donors.

The takeaway

Party registration among the state's wealthiest residents does not map neatly onto the electorate as a whole, which is useful context when weighing how big donors shape California elections. Readers tracking state races can use the statewide registration baselines to judge these patterns.