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We already knew that Democrat Tom Steyer, a billionaire running for California governor, is rich. But how rich?
In 2024, Steyer and his wife, Kat Taylor, reported a total income of $39 million, thanks to the duo’s massive investments in the global stock market. That’s more than all nine of his major opponents in the governor’s race and their partners made that year combined, according to their federal tax returns released this week.
A 2019 state law, designed to better inform California voters, requires candidates for governor to release their federal tax returns to qualify for the June primary ballot. Among major candidates, only Chad Bianco, Matt Mahan, Katie Porter and Tony Thurmond have already filed their 2025 tax returns.
Here are some highlights:
Tom Steyer
Income: $39 million in 2024, primarily from massive investments in the global stock market. They also made $6 million in passive income in Luxembourg, Netherlands, Bermuda and the Cayman Islands in 2024. They collected $38,000 in royalties from other properties and earned $23,000 from TomKat Ranch, their 1,800-acre cattle ranch in Pescadero.
Federal taxes paid: $5.4 million in 2024 — 54 times the average annual California household income.
Their earnings swing with the market: In 2021, they reported $160 million in income from investments and paid $39 million in taxes. But in 2022, they made a paltry $8 million and paid $1 million.
The couple regularly file tax returns in dozens of states each year (19 in 2024) and pay taxes abroad, too. Steyer also has a United Kingdom bank account, which at one point had a balance of $61 million in 2024.
The pair are big on philanthropy, donating $18 million in 2024, including $3 million in stock to Yale University and $1.5 million in stock to TomKat Foundation, the couple’s philanthropic nonprofit.
Steve Hilton
Income: $7.5 million in 2024, including $250,000 from Fox News and $6.7 million his wife, Rachel Whetstone, made as chief communications officer at Netflix. The couple also earned $360,000 from global investments but reported a net $3,000 loss in capital gains.
The couple received another $25,000 that year in rent from three properties in London, including two flats in the trendy Camden area. Hilton, a Republican, reported losing more than $226,000 on his media company CR Productions.
Federal taxes paid: $2.8 million in 2024.
Eric Swalwell
Income: $461,000 in 2024, including his $184,000 congressional salary and $247,000 from his wife Brittany’s consulting work. The couple had a $41,000 home mortgage interest deduction in 2024. Rivals have challenged the Democrat’s California residency, though he lists a Bay Area rental as his primary residence.
Federal taxes paid: $83,000 in 2024.
Katie Porter
Income: $300,000 in 2025, nearly all from her salary as a law professor at the University of California-Irvine. Porter, a Democrat, also collects royalties from book sales: She made $140,000 in 2023 from books she authored, including two textbooks and her memoir ‘I Swear: Politics Is Messier Than My Minivan’ published that year. She earned $18,000 in 2024 and $3,500 last year in royalties.
Federal taxes paid: $58,000 in 2025.
Chad Bianco
Income: $590,000 in 2025, jointly with his wife Denise Bianco. Bianco’s return don’t break down the Republican’s wages, but his base salary as sheriff was $348,000 in 2024, after the Riverside County Board of Supervisors gave him a 27% pay raise that May.
He was already the highest paid sheriff in the state in 2023, earning more than $593,000 in total compensation, which includes benefits such as a pension and health care coverage.
Federal taxes paid: $127,000 in 2025.
Xavier Becerra
Income: $490,000 in 2024, jointly with his UC Davis physician wife Carolyn Reyes. That includes Becerra’s nearly $250,000 salary at the time as U.S. Health and Human Services secretary in the Biden administration. The couple leased out four single-family homes that made them a net profit of $110,000.
Federal taxes paid: $116,000 in 2024.
Tony Thurmond
Income: $309,000 in 2025 — $203,000 as superintendent of public instruction and $18,000 from Integrated Community Services, a San Rafael-based disability supportive service where he worked as a supportive living aide, one of several side jobs the Democrat has held. Wife Vanessa Wiarco earned $87,000 as community engagement manager with KVCR Public Media at San Bernardino Community College.
Federal taxes paid: $52,000 in 2025.
Antonio Villaraigosa
Income: $1.4 million in 2024, most of which came from Actum, a business consulting firm with offices worldwide, including Los Angeles and Sacramento, and his own firm, Antonio Villaraigosa LLC. He also collected a $125,000 pension as the former Democratic mayor of Los Angeles. He and his wife Patricia filed their taxes separately.
Federal taxes paid: $462,000 in 2024.
Betty Yee
Income: $211,000 in 2024, almost all of which came from pensions and Social Security benefits. Yee, a Democrat, reported $1,300 in consulting and teaching income and her husband, Steven Jacobs, a rabbi with no reported income. The couple received $54,000 from selling a timeshare in October 2024. In 2021, the couple also reported $3,400 in gambling income in 2021.
Yee, who was California controller until January 2023, received an annual salary of roughly $157,000 in 2022 and $13,000 in 2023, when the job ended in January.
Federal taxes paid: $24,000 in 2024.
Matt Mahan
Income: $507,000 in 2025, including his San Jose mayoral salary of $226,000 and his wife Silvia Scandar Mahan’s salary of $267,000 as president of Cristo Rey San Jose High School. In 2024, the couple claimed $14,000 in clean energy credits for using solar-powered electricity.
Federal taxes paid: $99,000 in 2025.
CalMatters’ Jeanne Kuang and Juliet Williams contributed reporting.
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