The Financial Landscape of California’s Gubernatorial Candidates
California’s gubernatorial race is not just a political battle; it is also a showcase of financial power, with candidates’ incomes reflecting vast differences. Billionaire Tom Steyer stands out with an income that eclipses his rivals combined.
Tom Steyer
Democrat Tom Steyer, a billionaire investor, and his wife, Kat Taylor, reported $39 million in income for 2024, primarily from global stock market investments. This figure surpasses the combined earnings of his nine main competitors. The couple’s passive income from Luxembourg, the Netherlands, Bermuda, and the Cayman Islands amounted to $6 million. Additionally, they accumulated $38,000 in property royalties and $23,000 from TomKat Ranch. In 2024, their federal tax contribution was $5.4 million, which is 54 times the average California household income. The couple’s income has fluctuated significantly, with $160 million in 2021 and only $8 million in 2022. They also maintain a UK bank account with a $61 million balance and donated $18 million to philanthropy in 2024, including significant stock contributions to Yale University and their own TomKat Foundation.
Steve Hilton
Republican candidate Steve Hilton and his wife, Rachel Whetstone, reported a $7.5 million income in 2024. Hilton’s income includes $250,000 from Fox News, while Whetstone earned $6.7 million as Netflix’s chief communications officer. Global investments brought in $360,000, although they reported a $3,000 capital loss. They also earned $25,000 from renting properties in London but faced a $226,000 loss in Hilton’s media company, CR Productions. Their federal taxes amounted to $2.8 million in 2024.
Eric Swalwell
Congressman Eric Swalwell and his wife, Brittany, reported $461,000 in income for 2024, which includes his congressional salary and her consulting earnings. The couple claimed a $41,000 home mortgage interest deduction. Swalwell’s residency has been challenged, but he lists a Bay Area rental as his primary residence. They paid $83,000 in federal taxes for the year.
Katie Porter
Democrat Katie Porter’s 2025 income was $300,000, mainly from her University of California-Irvine professor’s salary. She also earned $140,000 in book royalties in 2023. Her federal taxes in 2025 were $58,000.
Chad Bianco
Republican Chad Bianco, Riverside County Sheriff, and his wife reported $590,000 in income for 2025. His base salary was $348,000 in 2024. Bianco’s total compensation in 2023 was over $593,000. They paid $127,000 in federal taxes for 2025.
Xavier Becerra
Former U.S. Health and Human Services Secretary Xavier Becerra and his wife, Carolyn Reyes, reported a $490,000 income in 2024. Becerra’s salary was nearly $250,000, and they earned $110,000 from renting homes. Their federal tax contribution was $116,000.
Tony Thurmond
Public Instruction Superintendent Tony Thurmond’s income was $309,000 in 2025, with earnings from side jobs and his wife’s salary. The couple paid $52,000 in federal taxes.
Antonio Villaraigosa
Antonio Villaraigosa earned $1.4 million in 2024, mainly from consulting firms and his pension as the former Los Angeles mayor. His federal taxes were $462,000.
Betty Yee
Democrat Betty Yee reported $211,000 in income for 2024, largely from pensions and Social Security. She and her husband profited from a timeshare sale and reported $3,400 in gambling income in 2021. They paid $24,000 in federal taxes.
Matt Mahan
San Jose Mayor Matt Mahan and his wife reported $507,000 in 2025 income, including clean energy credits. Their federal tax payment was $99,000.
CalMatters’ Jeanne Kuang and Juliet Williams contributed reporting.
Original Story at calmatters.org