US 2024 election set to become ‘most expensive’ in history as record high $15.9 billion spent on campaigns

The 2024 US election, which went to the polls on Tuesday, is set to become the most expensive in history, with total contributions reaching $15.9 billion.

The spending, which includes congressional contests, will surpass the $15.1 billion spent in 2020 and more than double 2016's $6.5 billion, according to nonprofit OpenSecrets.

In the hotly contested presidential race, Vice President Kamala Harris has emerged as the fundraising leader.

Her campaign directly raised over $1 billion, with 40 percent coming from small donors, plus an additional $586 million from supporting political action committees.

Donald Trump's campaign raised $382 million directly, with 28 percent from small donors, while affiliated committees contributed $694 million.

The largest donor was Timothy Mellon, the reclusive 82-year-old banking heir who contributed $197 million to Trump and Republican causes.

Other major Republican supporters included Richard and Elizabeth Uihlein from the packaging industry, casino magnate Miriam Adelson, Tesla and SpaceX CEO Elon Musk, and hedge fund investor Kenneth Griffin -- each contributing over $100 million to Trump and Republican causes.

On the Democratic side, Michael Bloomberg has emerged as the leading donor, contributing about $93 million ($43 million initially, plus a reported additional $50 million).

George Soros provided $56 million through his political action committee.

Altogether, $10.5 billion has been spent on campaign ads for races from president down to local officials, according to data compiled by the ad tracking firm AdImpact.

The Harris and Trump presidential campaigns spent $2.6 billion on ads from March through November 1. Democrats spent $1.6 billion, while Republicans invested $993 million.

Themes hammered home in Harris ads have been taxation, abortion rights, the economy and healthcare. Trump ads have mainly underlined immigration, inflation, crime, taxation, as well as the economy.

Pennsylvania led swing state spending for the presidential contest at $264 million, followed by Michigan at $151 million and Georgia at $137 million.

Overall, Pennsylvania saw an eye watering $1.2 billion on all races, all the way down to local officials, in the cycle.

Despite the shift to online entertainment, digital platforms received $419 million in presidential advertising, representing only 17 percent of total spending.

On Meta platforms Facebook and Instagram, Democrats outspent Republicans $132.4 million to $24.7 million, while on X, Republicans led spending $1.1 million to Democrats' $150,000, AdImpact said.

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