California gubernatorial candidates’ salaries revealed — and one’s way ahead of the rest  

There are 10 candidates running to replace term-limited California Governor Gavin Newsom, and while polling may suggest one story, their tax returns reveal a very different picture of who leads in earnings.

Of the 10, one candidate and his spouse reported a staggering $39 million in annual income — more than the rest of the field combined, according to CalMatters.

At the top of the list by a massive margin is billionaire Democrat Tom Steyer, whose wealth far exceeds that of every other major candidate combined.

In 2024, Steyer and his wife Kat Taylor reported about $39 million in income, driven largely by global investment returns, according to the couple’s tax filings.

Their earnings also included millions in overseas passive income, smaller amounts from royalties, and revenue from their cattle ranch.

They paid roughly $5.4 million in federal taxes that year, though their income has fluctuated sharply in recent years depending on market performance.

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.

Download The California Post App, follow us on social, and subscribe to our newsletters