President Donald Trump attends a Governors Dinner at the White House in Washington, D.C., U.S., February 21, 2026. REUTERS/Aaron Schwartz
Donald Trump is losing support from almost every voting bloc there is as his second term wears on, but according to a new analysis from Thomas Edsall, the richest Americans are sticking by him. These "superrich" donors are now fueling a "Republican financial juggernaut," and they want favors in return.
"Determined to get a piece of the action, the very wealthy are lining up in droves," Edsall wrote in his latest New York Times column. "Despite Trump’s having lost ground in almost every demographic during his second term, one group stands firmly in the president’s camp: the superrich who have their wallets open."
These superrich voters, Edsall explained, are standing by with Trump thanks to his economic policies, which "have reinforced and, in some cases, intensified trends toward the increasing concentration of wealth and income at the highest levels." Citing data from the Federal Reserve, he noted that by the third quarter of last year — months into Trump's second term and right around the time he signed the "One Big Beautiful Bill" — the richest 0.1 percent's share of all the wealth in the U.S. had grown to 14.4 percent, up from 8.6 percent in 1989, while the share for the rest of the richest 1 percent grew to 17.3 from 14.2 percent.
Edsall further broke down how these superrich voters made a striking shift towards overt support for Republicans in the 2024 election. In years prior, the split between donations they made to Republicans and Democrats was closer to even, though the GOP held the edge. Citing data from the Washington Post, Edsall demonstrated just how much they made a rightward shift in 2024.
"Then that pattern abruptly shifted," Edsalld wrote. "Contributions by the very rich to Republicans grew from roughly $300 million in 2022 to just under a billion in 2024, while donations to Democrats fell from roughly $300 million to less than $200 million."
The Post's original report noted that "more than 80 percent of the federal campaign spending by the 100 wealthiest Americans in 2024 went to Republicans." Reporting from OpenSecrets found that one-time Trump ally Elon Musk was the biggest contributor that year, donating nearly $300 million.
By way of contributions to Trump's MAGA Inc. super PAC, the wealthy have continued to flood Trump with more money. The committee currently boasts over $300 million in cash-on-hand, with 90 percent of that amount coming in donations over $1 million. Edsall cited another report from the New York Times earlier this month, which found that the GOP overall has "an unheard-of edge of more than $550 million" over Democrats.
"The wealthy have created what amounts to a Republican financial juggernaut," Edsall wrote.
That level of fundraising around a president like Trump, who has no legal path to running for a third term, seems odd on the surface. However, Edsall observed, these donors are backing Trump in exchange for preferential treatment, including regulatory changes and investments, and favors, such as pardons.
"Evidence of the pervasive corruption is endemic, in the presidential pardons to donors and the well connected, in the regulatory favoritism found at key agencies, in the flow of special interest and foreign investments into the Trump family’s cryptocurrency businesses."