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Candidates with more neoliberal policies and agendas have more billionaire donors than candidates with more progressive policies.
United States Senator Bernie Sanders and only three other presidential candidates do not have any billionaire donors out of 20 according to an analysis of the Federal Election Commission (FEC) records by Forbes published Monday.
The report says that 67 billionaires are donating for the 2020 candidates from Democratic party. The analysis revealed that candidates with more neoliberal policies and agendas have more billionaire donors and candidates with more progressive policies have more individual donors which explain Sander’s pool of individual donors.
Pete Buttigieg has the most number of billionaire donors with 24 people financing his campaign. Blackstone executive vice-chairman Hamilton James whose firm had come under fire for gentrifying poor renters out of their homes and Netflix CEO Reed Hastings who paid US$0 in U.S. taxes in 2018 due to alleged tax exemptions.
Senator Cory Booker came in second with 18 donors including people like Bill Gates, the second richest person in the world, former Goggle CEO Eric Schmidt, and LinkedIn founder Reid Hoffman.
Senator Kamala Harris was trailing behind Booker with 17 billionaire donors including Star Wars creator George Lucas, and Laurene Powell Jobs, wife of late Apple co-founder Steve Jobs.
Joe Biden, the leading Democrat in according to all polls, was in the fifth position regarding billionaire donors.
Senator Elizabeth Warren ranked 12 in the list with two billionaire donors as of July 15. Congresswoman Tulsi Gabbard and income advocate Andrew Young came after Warren with one billionaire donor. Twitter CEO Jack Dorsey donated to both of them.
Along with Sanders, New York City mayor Bill de Blasio, former Housing and Urban Development Secretary Julian Castro, and Congressman Tim Ryan did not receive money from any billionaires.
Apart from Sanders, all three are polling at less than 2 percent and probably will not qualify for the next debate in September.
Sanders, who is polling just behind Biden has the most number of individual donors with 746,000 as of July 30.
He also led the fundraising having raised more money than any other candidate with 70 percent of his donors are working class, especially employees of companies like Walmart and Amazon known for being slammed by the senator for a poor wage.