Democrats vs. Republicans: which party are the billionaires backing?

Younger tech titans join 'boys' club throwing money and support' behind President Trump, while older plutocrats quietly rebuke new administration

Photo collage of Elon Musk, Bill Gates, and Mark Zuckerberg
Elon Musk was one of Trump's most prominent backers; Bill Gates has allegedly donated to Harris, while Mark Zuckerberg's allegiances remain murky
(Image credit: Illustration by Julia Wytrazek / Getty Images)

The influence of billionaires on American politics has never been more evident, with the wealthiest people in the US spending record amounts during the 2024 presidential election.

Analysis by the Americans for Tax Fairness group earlier this year showed that 100 billionaire families donated $2.6 billion to candidates for last November's election, more than two-and-a-half times the amount spent in 2020.

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Harriet Marsden is a writer for The Week, mostly covering UK and global news and politics. Before joining the site, she was a freelance journalist for seven years, specialising in social affairs, gender equality and culture. She worked for The Guardian, The Times and The Independent, and regularly contributed articles to The Sunday Times, The Telegraph, The New Statesman, Tortoise Media and Metro, as well as appearing on BBC Radio London, Times Radio and “Woman’s Hour”. She has a master’s in international journalism from City University, London, and was awarded the "journalist-at-large" fellowship by the Local Trust charity in 2021.