Progressive Billionaires Gain Traction Among Left Activists in 2026 Races

Left-wing activists who have long backed Senator Bernie Sanders have rallied behind an unexpected figure in 2026: hedge fund billionaire and California gubernatorial candidate Tom Steyer.

Wealthy Democratic candidates such as Steyer, Illinois Governor JB Pritzker, Representative Ro Khanna (D-CA), and former AOC chief of staff Saikat Chakrabarti have defied conventional expectations by securing praise from the progressive left—despite widespread distrust of billionaires and concerns over big money in politics.

Each has cultivated support through distinct strategies:

• Steyer is campaigning on bold promises in California.
• Pritzker advanced a progressive agenda while in office.
• Khanna and Chakrabarti maintain long-standing ties to the Sanders movement.

Progressive activists now see these candidates as more likely to prioritize their priorities over traditional Democratic establishment and corporate interests.

Steyer’s Progressive Endorsements in California

In his bid for California governor, Tom Steyer has secured key endorsements, including from:

• Our Revolution (founded by 2016 Sanders campaign allies)
• California Nurses Association (a leading advocate for single-payer healthcare)

Earlier in May 2026, the Democratic Socialists of America’s California chapter labeled Steyer “the most progressive of the current viable candidates for governor” and discouraged protest votes to the left.

Wealth and Progressive Politics: A Paradox?

While activists celebrate Steyer’s policy stances, the optics of the anti-billionaire left supporting a candidate who has spent $132 million of his own money on statewide advertising may seem contradictory.

Yet Steyer is not alone in this phenomenon. Other wealthy Democrats have also earned left-wing support:

• JB Pritzker (Illinois Governor): A billionaire from the Hyatt hotel fortune, Pritzker has impressed progressive writers with his policy achievements and is rumored as a potential 2028 presidential candidate.
• Ro Khanna (D-CA): With an estimated net worth of $232.7 million (primarily held in a trust by his wife), Khanna is frequently mentioned as a 2028 presidential contender in the progressive lane.
• Saikat Chakrabarti: A former Stripe executive turned wealthy political strategist, Chakrabarti is running in a primary to succeed Nancy Pelosi in the U.S. House.

Historical Context and Ongoing Debate

While wealthy political candidates are not new—examples span parties and include figures like Ross Perot—today’s progressive embrace of ultra-wealthy candidates marks a notable shift.

This trend comes amid heightened Democratic concern over the influence of megadonors in the post-Citizens United era and growing unease over billionaire influence on government and society. Progressive leaders like Sanders and Representative Alexandria Ocasio-Cortez have led “Fighting Oligarchy” rallies nationwide to challenge the concentration of wealth and power.