As California prepares to elect a new governor to succeed Gavin Newsom, who is stepping down due to term limits, 10 candidates are vying for the position. While polls offer one perspective on the race, the candidates’ tax returns paint a different picture regarding financial standings.

Among the contenders, one candidate and his spouse stand out with a remarkable $39 million in reported annual income—surpassing the combined earnings of all the other candidates, according to CalMatters.

Leading this financial race by a significant margin is billionaire Democrat Tom Steyer. His wealth is unrivaled among the other major candidates.

In 2024, Steyer and his wife, Kat Taylor, reported an income of approximately $39 million, largely attributed to global investment gains, as indicated by their tax returns.

Their income also included substantial amounts from passive overseas investments, royalties, and profits from their cattle ranch.

In federal taxes, they contributed around $5.4 million that year, although their income has varied considerably over recent years, influenced by market trends.

Steyer’s platform centers on lowering the cost of living, including expanding affordable housing, taking on utility monopolies, promoting clean energy jobs, and increasing corporate taxes.

He built his fortune as the founder of Farallon Capital Management, which he ran for nearly 27 years before retiring in 2012.

Behind Steyer is Republican Steve Hilton, who reported $7.5 million in 2024. Most of that came from his wife Rachel Whetstone’s executive role at Netflix, along with smaller earnings from media work, rental properties in London and investments. The couple paid about $2.8 million in federal taxes.

Hilton also earned about $250,000 from Fox News, where he served as an anchor before leaving to run for governor.

The British-American candidate has led in at least one poll and has raised the most money among the field aside from Steyer.

Democrat Antonio Villaraigosa reported $1.4 million in 2024, largely from consulting work through Actum, a global firm, and his own company, in addition to a $125,000 public pension from his time as Los Angeles mayor.

He paid approximately $462,000 in federal taxes and was the only top candidate to file separately from his spouse.

Among mid-tier earners, Democrat Xavier Becerra reported about $490,000 in 2024, including his federal salary and rental income. His household paid roughly $116,000 in federal taxes.

Democrat Eric Swalwell reported $461,000, combining his congressional salary with his wife’s consulting income — she earned about $247,000 — and the couple paid about $83,000 in taxes.

At the lower end of 2024 filings, Democrat Betty Yee reported $211,000, primarily from pensions and Social Security, with about $24,000 paid in federal taxes.

Not all candidates have submitted their most recent returns. As of now, only four candidates have filed 2025 tax returns, which reflect more recent income figures.

Republican Riverside County Sheriff Chad Bianco reported $590,000 in income with about $127,000 in federal taxes. San Jose Mayor Matt Mahan reported $507,000 and paid roughly $99,000.

Democrat Tony Thurmond reported $309,000 in combined household income and paid about $52,000, while Democrat Katie Porter reported $300,000, largely from her academic salary, and paid about $58,000 in taxes.

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