Michael Bloomberg attends the 80th annual Alfred E. Smith Memorial Foundation Dinner at the Waldorf Astoria in New York City, U.S., October 16, 2025. REUTERS/Eduardo Munoz
A week away from Election Day in New York City, a national economic justice group on Tuesday released a report detailing how billionaires “outraged at the prospect of the rich and corporations paying higher taxes” have spent millions of dollars to defeat Democratic mayoral nominee Zohran Mamdani.
“Just 62 billionaires and descendants of billionaire families (‘billionaire spenders’) as of October 14th have contributed over one-third—37%, or $18.7 million—of all the donations collected by so-called outside expenditure groups involved in the race,” according to the Americans for Tax Fairness Action Fund (ATFAF) report, Billionaires Buying Gracie Mansion.
The publication notes that “almost all of that money has backed former New York state Gov. Andrew Cuomo,” who is running as an Independent after losing the Democratic primary to Mamdani, a democratic socialist in the state Assembly who has campaigned on promises to make the metropolis more affordable for everyday people and “tax the rich!”
Specifically, 58 of the 62 billionaire spenders gave “a total of $18.4 million to Cuomo-aligned super political action committees (super PACs), ATFAF found. ”Mamdani has received the support of just two billionaire spenders, who together have contributed $270,000 to outside PACs pushing his candidacy.“
The report highlights that billionaire former NYC mayor and media mogul Michael Bloomberg, who has a net worth of roughly $109 billion, “is leading the anti-Mamdani charge, having personally donated $8.3 million to the main super PAC backing Cuomo.”
Bloomberg and the dozens of other billionaires trying to sway the race “have spent nearly twice the amount 60,000 individual contributors have made directly to the three general election candidates (including Republican Curtis Sliwa),” the document details. “This is because unlike direct donations to candidates, there is no limit on contributions to outside spending groups.”
New York is not only the nation’s most populous city, it’s also a billionaire hotspot. The report points out that “as of October 1st, New York City is the primary residence to 111 billionaires, according to Forbes, with lots more owning second homes or business property in the Big Apple. Collectively, these 111 billionaires are worth $717 billion, over six times the city’s annual budget.”
While Cuomo is backed by billionaires, Mamdani is endorsed by national progressive leaders, including Sen. Bernie Sanders (I-Vt.) and Congresswoman Alexandria Ocasio-Cortez (D-NY), whose district spans parts of the Bronx and Queens. The pair joined New York state leaders, including Democratic Gov. Kathy Hochul, for a massive Sunday night rally in support of Mamdani.
In addition to taxing corporations and the 1%, Mamdani’s platform includes a rent freeze, constructing more affordable housing, city-owned grocery stores, fare-free buses, no-cost childcare, building out renewable energy on public lands, raising the minimum wage to $30 by 2030, and more.
The progressive candidate has also promised to stand up to Republican President Donald Trump, a former longtime New Yorker who has threatened to arrest Mamadani and to cut all federal funds to New York City if he is victorious next week. Recent polling suggests Mamdani is well-positioned to win the contest.
“Billionaires feel threatened by a modest proposal to raise taxes on the wealthiest New Yorkers to help make life more affordable for ordinary city residents. That’s why they’re spending millions to drown out the effort with their money,” Americans for Tax Fairness executive director David Kass said in a Tuesday statement.
“Politicians and policymakers around the country should take note of how popular a progressive tax agenda can be with Americans across the political spectrum,” Kass added. “Zohran Mamdani is showing the way for politicians who still haven’t figured out that fairer taxes on the rich and corporations are both good policy and good politics.”