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. 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.
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. on To see how the minimum wage differs around the world, we’ve visualized data from Picodi, which includes values for 67 countries as of January 2023.
Monthly Minimum Wage, by Country
The following table includes all of the data used in this infographic. Each value represents the monthly minimum wage a full-time worker would receive in each country. Picodi states that these figures are net of taxes and have been converted to USD. Generally speaking, developed countries have a higher cost of living, and thus require a higher minimum wage. Two outliers in this dataset are Argentina and Turkey, which have increased their minimum wages by 100% or more from January 2022 levels. Turkey is suffering from an ongoing currency crisis, with the lira losing over 40% of its value in 2021. Prices of basic goods have increased considerably as the Turkish lira continues to plummet. In fact, a 2022 survey found that 70% of people in Turkey were struggling to pay for food. Argentina, South America’s second-biggest economy, is also suffering from very high inflation. In response, the country announced three minimum wage increases throughout 2022.
Minimum Wage in the U.S.
Within the U.S., minimum wage varies significantly by state. We’ve visualized each state’s basic minimum rate (hourly) using January 2023 data from the U.S. Department of Labor.
2023-03-17 Update: This map was updated to fix several incorrect values. We apologize for any confusion this may have caused. America’s federal minimum wage has remained unchanged since 2009 at $7.25 per hour. Each state is allowed to set their own minimum wage, as long as it’s higher than the federal minimum. In states that do not set their own minimum, the federal minimum applies. If we assume someone works 40 hours a week, the federal minimum wage of $7.25 translates to an annual figure of just $15,080 before taxes. California’s minimum wage of $15.50 translates to $32,240 before taxes. For further perspective, check out our 2022 infographic on the salary needed to buy a home across 50 U.S. cities.
