The 2026 U.S. midterm elections are expected to cost $11 billion, or $32 per person, making it the world's most expensive power struggle.
With 16 days left before the 2026 U.S. midterms, the money politicians and institutions have poured into the fight has already reached $11 billion. That works out to $32 for every American.
The most expensive game of thrones
The 2024 general election was worse: roughly $16 billion, or $47 per person. Most of the spending goes to political ads, rallies, and fundraising, all aimed at one thing: getting more people to vote a certain way.
Three battlefields where money burns fastest
As of October 16, the three costliest Senate races were Texas at $500 million, Ohio at $460 million, and Maine at $260 million. A single seat can cost half a billion dollars, enough to buy dozens of Silicon Valley startups.
Betting site Kalshi gives Democrats over 90% odds of taking the House and over 60% of taking the Senate.
Why it matters
Election spending is rising far faster than inflation or economic growth, turning political competition into an arms race. When a single seat carries a price tag of hundreds of millions of dollars, only a few wealthy donors can afford the entry fee, and ordinary voters' voices get diluted into background noise.
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