Visualized: The Biggest Donors of the 2022 U.S. Midterm Elections
This year’s midterm election is expected to set a new spending record, with over $9 billion being raised. This is significantly higher than the previous record of $7 billion, which was set in 2018.
According to a recent analysis by the Washington Post, $1 billion of these funds can be attributed to the top 50 donors. In typical Visual Capitalist style, we’ve illustrated this data to provide you with better insight.
Overview of the Data
The following table lists the top 10 individual donors of the 2022 midterm elections.
|Rank||Name||Affiliation||Total Donation (USD millions)|
|#2||Elizabeth & Richard Uihlein||Republican||$70|
|#10||Patrick & Shirley Ryan||Republican||$27|
Sorting this top 10 donor list by party, we can see that $168 million was raised for the Democrats, and $338 million for the Republicans.
Continue reading below for some interesting background info on all 10 of these individuals. Net worth values were gathered from Forbes on November 1, 2022.
George Soros (Net worth: $7B)
George Soros is a Hungarian-born American billionaire, widely known for his philanthropical efforts and for “breaking” the Bank of England. He has had an illustrious career as a hedge fund manager, founding Soros Fund Management in 1970. Visit this page to see the top 100 holdings of Soros Fund Management’s portfolio.
Soros has donated over $30 billion of his fortune to various causes and charities. He is the founder and chairman of two Super PACs (political action committees) named Democracy PAC and Democracy PAC II.
Unlike regular PACs, Super PACs face no limits in terms of fundraising or political spending.
Elizabeth & Richard Uihlein (Combined net worth: $7B)
Elizabeth & Richard Uihlein are the founders of Uline, one of North America’s largest distributors of logistics supplies (boxes, tape, gloves, etc.). The company makes several billion in sales per year.
The couple have gained media attention for making substantial donations to the Republican party. According to Forbes, the Uihleins have donated a total of $194 million since the 1990s.
Kenneth Griffin (Net worth: $31B)
Kenneth Griffin is the founder and CEO of Citadel, a hedge fund based in the U.S. He also owns Citadel Securities, which is the largest market maker on the New York Stock Exchange (NYSE).
Market makers act as a middleman in financial markets by facilitating buy and sell orders for investors. Using equities (stocks) as an example, when a market maker receives an order from a buyer, it sells shares from its own inventory. This enables the stock market to run smoothly.
Griffin found himself in the spotlight during the GameStop short squeeze when his firm provided emergency funding to Melvin Capital Management.
Jeffrey Yass (Net worth: $30B)
Once a pro gambler, Jeffrey Yass is a cofounder of Susquehanna International Group (SIG), a successful trading firm based in Philadelphia. SIG specializes in quantitative research and trading, which involves the use of computer algorithms to identify opportunities.
Yass is frequently cited as the richest person in the state of Pennsylvania and has gained media attention for his large political contributions.
Sam Bankman-Fried (Net worth: $17B)
Sam Bankman-Fried is the founder and CEO of FTX, which is currently the world’s third largest cryptocurrency exchange behind Binance and Coinbase. The company is based in the Bahamas and offers trading in more than 300 cryptocurrencies.
In May 2022, Bankman-Fried declared that he was willing to donate “north of $100 million” in the upcoming 2024 presidential election. He has since backtracked this comment.
At some point, when you’ve given your message to voters, there’s just not a whole lot more you can do.
– Sam Bankman-Fried
Stephen Schwarzman (Net worth: $35B)
Stephen Schwarzman is the chairman and CEO of The Blackstone Group, a globally recognized private equity firm. Blackstone’s portfolio of companies includes Ancestry.com, a well-known family history service, and Bumble, a popular online dating platform.
Shown below, Schwarzman’s wealth has increased substantially since 2020.
The bulk of Schwarzman’s political contributions have gone towards the Senate Leadership Fund, an independent Super PAC which aims to build a Republican Senate majority.
Timothy Mellon (Family net worth: $11B)
Timothy Mellon was the chairman and majority owner of Pan Am Systems, a privately held company with operations in transportation, manufacturing, and energy. In November 2020, CSX Corporation announced it had signed an agreement to purchase Pan Am. The sale was approved in April 2022.
Mellon made headlines in 2021 when it was revealed that he made a whopping $53 million donation to the Texas border wall fund. At the time of reporting, this represented 98% of total funding.
Larry Ellison (Net worth: $102B)
Larry Ellison is the chairman and cofounder of Oracle, one of the world’s largest software companies. Oracle is listed on the NYSE and has a market cap of over $200 billion. Ellison was also a Tesla board member from December 2018 to August 2022.
The vast majority of his political contributions have gone towards the Opportunity Matters Fund, which supports candidates who promote the Opportunity Agenda. It calls for enhanced financial literacy, apprenticeships, and education options.
Peter Thiel (Net worth: $4B)
Peter Thiel is a successful entrepreneur and venture capitalist, perhaps best known for cofounding PayPal. He also cofounded Palantir Technologies, a data analytics company, and is a general partner of Founders Fund, a venture capital firm with investments in major names such as SpaceX.
Thiel is one of the Republican Party’s largest donors, a position that sets him apart from many other Silicon Valley figures. In February 2022, it was reported that he would be stepping down as a Meta board member.
Patrick and Shirley Ryan (Patrick’s net worth: $9B)
Patrick Ryan is the founder and retired CEO of AON Corporation, one of the world’s largest insurance companies. In 2010, he founded another company known as Ryan Specialty Group, which provides services to insurance brokers.
Together with his wife Shirley, the Ryans have made large donations towards the Senate Leadership Fund and other Republican groups.
Which Populations Feel Their Country is on the Wrong Track?
New polling data shows that, in many parts of the world, people feel that their countries are on a downward trajectory.
Which Populations Feel Their Country is on the Wrong Track?
Plato once used the allegory of a Ship of Fools to push for his vision of a wise philosopher-king as the ideal pilot for a ship of state.
Looking at the most recent numbers from Morning Consult Political Intelligence’s Projections of Country Trajectories, you would be forgiven for thinking that a great many people believe that their ship of state is piloted by fools.
With the impact of the pandemic, rising inflation, and growing geopolitical instability, it’s probably not surprising that most respondents feel their countries are on the wrong track; India and Switzerland were notable exceptions.
Below are some of the stand-out stories that we found digging through the data.
Midterm elections have rarely been kind to the incumbent party in U.S. politics and the cost of living crisis, an unpopular president, and the aftermath of the global pandemic pointed towards an electoral bloodbath. This year’s election was also expected to set a new spending record, with over $9 billion raised.
Even so, despite 72% of respondents thinking that the country is on the wrong track, the governing Democrats have defied expectations and posted a historic performance during the November 8, 2022, midterm elections. To put this into context, in a president’s first term, there have been three previous instances (since 1922) of the incumbent’s party gaining (or not losing) Senate seats and losing fewer than 10 seats in the House.
Also worth noting is the large spike in negative sentiment in January 2021, following the U.S. Capitol attack, followed by the convergence of negative and positive sentiments as the peaceful transition of power became more assured.
Horace, in Odes 1.14, describes a ship of state that is flailing at sea that eventually rights itself, claiming towards the end of the poem that “it’s my longing and no light love you carry.”
Something like that may be happening in Brazil following the loss of the often turbulent, COVID-19-denying President Jair Bolsonaro to political rival Luiz Inácio Lula da Silva in an Oct. 20, 2022, election runoff.
However, with respondents evenly split on where the country is going and the presidential election results being so close (50.9% vs. 49.1%), Lula will have his hands full governing a divided country.
While sentiment was overwhelmingly negative in almost every country tracked in this survey, India stood out as an outlier. India has consistently maintained a positive sentiment of between 60% and 80%, which is something only Switzerland comes close to.
The only blip was a brief period during the spring of 2021. This coincided with a deadly second wave of COVID-19 infections in the country, on top of country-wide protests against the Narendra Modi government’s deeply unpopular farm bill.
The data here covers the three most recent UK Prime Ministers: Boris Johnson, Liz Truss, and now Rishi Sunak, the first South Asian to hold the post.
In January 2020, Johnson had just won a Tory majority and succeeded in “Getting Brexit Done.” Political scandals and the government’s pandemic response pushed the trendline down. It only recovered briefly in the spring of 2021, following Russia’s invasion of the Donbas region of Ukraine, which Johnson was widely seen as handling well. A personal visit to Kyiv on April 9, 2022, helped cement this.
Then followed Prime Minister Liz Truss’ disastrous mini-budget of Sept. 23, 2022, which saw the pound fall to the lowest-ever level against the dollar and the Bank of England intervene in the bond markets. The ascension of Rishi Sunak to No. 10 Downing Street has only just begun to turn around the low of 89% negative sentiment reported on Oct 23-25, 2022.
To quote the BBC comedy series, Yes, Minister, in another context, “the ship of state is the only ship that leaks from the top.”
Map Explainer: The Caucasus Region
There has been intermittent fighting in the Caucasus region for decades. But what is the area like beyond the conflict? This map takes a look.
Map Explainer: The Caucasus Region
The Caucasus Region has been engulfed in a territorial dispute between Armenia and Azerbaijan over the Nagorno-Karabakh region for decades now. Although flare-ups in the conflict have been recent, the root of the violence harkens back to the 1980s.
But this map allows us to step back and look at the region in its larger context.
While most media has focused on the tensions, this map breaks down the entire Caucasus region, providing key facts and information. What are the countries that comprise the region? What is the main economic activity in the area? How is the population distributed? Let’s begin.
The Caucasus region is characterized by far-reaching mountain ranges, that have long separated people and created distinct ethnic, linguistic, and religious identities over thousands of years. Today, the region spans over three main countries: Armenia, Azerbaijan, and Georgia, and is bordered by Russia, Turkey, and Iran.
Focusing on the main three, here’s a look at some basic demographics:
- 🇦🇿 Azerbaijan Population: 10.4 million
- 🇦🇲 Armenia Population: 3.0 million
- 🇬🇪 Georgia Population: 4.1 million
Home to around 20 million, the Caucasus region touches the Caspian Sea to the East and the Black Sea to the West. It is an area distinctly situated between Europe, Asia, and the Middle East, but is defined by most categorizations as Central Asian.
Azerbaijan is the biggest country in the region, both in terms of land mass and population. The Nagorno-Karabakh region is located within the official borders of Azerbaijan, and is inhabited almost entirely by ethnic Armenians.
The majority of Azeris are Muslim, however, the country is considered one of the most secular Muslim countries in the world. Azerbaijani or Azeri is the most widely spoken language with more than 92% of people speaking it. Just over 1% in the country speak Russian as a first language and another 1% speak Armenian as a primary language. Perhaps, unsurprisingly, a similar percentage share defines the amount of ethnic Russians and Armenians in Azerbaijan, at 1.5% and 1.3% respectively.
Like both its neighbors, Armenia gained independence at the fall of the Soviet Union in 1991. Unlike its neighbors, however, it is entirely landlocked.
The country is a majority Christian nation, with an ethnic makeup of nearly 98% Armenians and the most widely spoken language being Armenian, according to the government. The population count has fallen since the collapse of the USSR, and has been relatively flat in more recent years.
Georgia is slightly smaller than Azerbaijan in size; the country shares a long border with Russia to its north and features a long coastline on the Black Sea.
Georgia’s population growth shares a similar story to many other former Soviet republics. While total population has decreased slightly over recent years, the growth in ethnic nationals (Georgians) has actually increased. The country is majority Christian and Georgian is the most popular language.
Where do People Live Across the Caucasus Region?
So how are these populations concentrated throughout the region? These cartograms from World Mapper, break it down by country:
Most people live in and around the capital Baku, a port city on the Caspian Sea. However, a number of people also live inland closer to the Armenian and Georgian borders.
In Armenia the population heavily skews towards its capital city of Yerevan, which has a population of 1.1 million.
Georgia’s population distribution is slightly more even than its neighbors with a preference towards the capital Tbilisi.
The Economy of the Caucasus Region
Now let’s dive into the economic activity in the Caucasus. In some parts, the region is oil-rich with access to resources like the vast oil fields in the Caspian Sea off Azerbaijan’s coast. In fact, the Baku-Tbilisi-Ceyhan Pipeline carries nearly 1 million barrels of oil from the oilfields to Turkey every day.
Stepping back, here’s a glance at regional GDPs:
- 🇦🇿 Azerbaijan GDP: $42.6 billion
- 🇬🇪 Georgia: $15.9 billion
- 🇦🇲 Armenia GDP: $12.7 billion
Azerbaijan is the Caucasus region’s biggest economy. It is the most economically developed country of the three, having seen rapid GDP growth since its transition from a Soviet republic. At its height in the early 2000s, the national GDP was growing at yearly rates of 25%-35%. Today, its oil and gas exports are proving extremely lucrative given the European energy crisis due to the war in Ukraine. Fossil fuels make up about 95% of the country’s export revenue.
Both Armenia and Georgia’s economies are considered emerging/developing and are dependent on many different Russian imports. However, according to the European Bank for Reconstruction & Development, both economies are expected to grow 8% this year.
Georgia’s economy has been recovering from the pandemic thanks to its burgeoning tourism industry, largely drawing Russian visitors. Additionally, in both Georgia and Armenia, the inflow of Russian businesses and tech professionals have boosted the economies.
A Brief Background
The three countries which encapsulate the region, Armenia, Azerbaijan, and Georgia, were each republics under the Soviet Union until its fall in 1991. Additionally, the regions of Dagestan and Chechnya in Russia, also located in the geographic sphere of the Caucasus, each maintain a distinct identity from Russia. Both regions are majority ethnically non-Russian and still face regular violence over their power struggle with the regional heavyweight.
In fact, many of the tensions in the region can be linked to Russian oppression, according to experts.
“Russian suppression of national resistance in the Caucasus has encouraged fundamentalist movements.”
– Dr. James V. Wertsch (Caucasus Specialist, University of Washington, St. Louis)
In recent history, Russia invaded Georgia within hours of the kickoff of the 2008 Beijing Summer Olympics, sparking conflict in the Ossetia and Abkhazia regions. The Russo–Georgian War is considered the first European war of the 21st century.
While the history of the Caucasus goes way back—for instance, the kingdom of Armenia dates back to the 331 BC—more recent events have been shaped by Cold War and subsequent fallout from the dissolution of the USSR.
The Nagorno-Karabakh Conflict
The tension over the Nagorno-Karabakh region began in the late 1980s and escalated into a full-scale war into the 1990s. In the early years of the conflict, approximately 30,000 people died. Since then, ceasefires and violence have arisen intermittently—with the most recent end to the fighting in 2020. At least 243 people have been killed since then.
The conflict first began when newly independent Armenia demanded the region back from Azerbaijan, which was still a Soviet state at the time, as the population there was (and still is) mostly Armenian. Although not internationally recognized, a breakaway group has declared part of Nagorno-Karabakh as an independent state called the Republic of Artsakh.
Here’s a very brief timeline:
- 1988-1994: First Nagorno-Karabakh War
- April 2016: Four days of violence at the separation line
- September-November 2020: War was reignited until Russia negotiated a ceasefire
- September 2022: New clashes erupted resulting in hundreds of deaths
The conflict has bled out into the region—Russia is on Armenia’s side and Turkey on Azerbaijan’s. But new allies may be taking the stage as evidenced by Nancy Pelosi’s visit to Armenia in mid-September. Today, the region is divided between Azerbaijan, Armenia, and Russian peacekeepers, but is still officially Azerbaijani.
Editor’s note: A prior version of this article said that Russia’s 2008 invasion took place during the opening ceremonies of the Beijing Olympic Games. We have since adjusted this to “within hours of the kickoff” of the games, since the exact time varies according to sources.
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