Tom Steyer’s Wealth Under Scrutiny in Gubernatorial Race

Tom Steyer, a billionaire Democratic candidate for California governor, is facing mounting criticism over his past business investments and the sources of his wealth as the June 2 primary election approaches.

The former hedge fund founder has spent $112 million of his own money on his 2026 gubernatorial campaign, which includes airing more than 5,000 advertisements across California media markets within the last month.

Private Prison Investments

Steyer has come under scrutiny for prior investments made by his former hedge fund in private prisons. These facilities are currently being used to house undocumented immigrants facing deportation.

In response to these questions, the 68-year-old candidate stated that he deeply regrets the investment. Steyer noted that he left his hedge fund 14 years ago and has since dedicated hundreds of millions of dollars to Democratic causes, with a particular focus on fighting climate change.

Financial Disclosures and Tax Havens

Federal tax returns released in March 2026 reveal that Tom Steyer and his spouse, Kat Taylor, reported a total income of $39 million in 2024. This income was primarily derived from investments in the global stock market.

According to reporting from CalMatters, Steyer’s 2024 income exceeded the combined earnings of his nine major opponents in the governor’s race and their partners. The disclosures further indicate that Steyer and Taylor earned $6 million in passive income in 2024 from the Netherlands, Luxembourg, Bermuda and the Cayman Islands.

Additional tax records show that in 2021, Steyer earned $67 million from U.S.-based private equity funds offered by Golden Gate Capital and Hellman & Friedman. His investment firm, Galvanize Climate Solutions, reportedly held approximately $1 million in the Cayman Islands.

Platform and Allegations of Hypocrisy

The scrutiny over Steyer’s finances contrasts with his current campaign platform, which focuses on an aggressively progressive agenda. He has called for billionaires to pay more to fund programs such as single-payer health care and has criticized the influence of wealthy donors on elections.

In January 2026, Steyer announced that if elected, he would ban spending by corporate political action committees. In a campaign advertisement, Steyer stated:

The corporations who are making your life too expensive like it that way. California needs to listen to California citizens, not lobbyists.

Tom Steyer

Despite these positions, critics have pointed to Steyer’s own history with private equity funds, which often utilize the tax loopholes he has criticized. He has also been linked to multiple dark money networks—organizations that are not required to disclose their donors—despite his public assertions that such groups should have no place in politics.

These financial contradictions have become a focal point for political attacks from both Democratic rivals and Sacramento special interest groups as the primary election nears.