Incomes of California gubernatorial candidates

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We already knew that Democrat Tom Steyer, a billionaire running for governor of California, was rich. But how rich is it?

In 2024, Steyer and his wife Kat Taylor reported a combined income of $39 million, thanks to their large investments in the global stock market. That’s more than what his nine primary opponents in the governor’s race and their respective partners earned combined that year, according to their federal tax returns released this week.

A 2019 state law designed to better inform California voters requires gubernatorial candidates to post your federal tax returns so they can appear on the primary ballot in June. Among the leading candidates, only Chad Bianco, Matt Mahan, Katie Porter and Tony Thurmond have already filed their 2025 tax returns.

Here are some highlights:

Tom Stair

Revenue: $39 million in 2024, mainly from large investments in the global stock market. Steyer and his wife also earned $6 million in passive income in Luxembourg, the 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, which equals 54 times the median annual household income in California.

Their profits vary by market: in 2021, they reported $160 million in investment income and paid $39 million in taxes. But in 2022, they only received $8 million and paid $1 million.

The couple regularly file tax returns in dozens of countries each year (19 in 2024) and also pay taxes overseas. Steyer also has a UK bank account that reached a balance of $61 million in 2024.

The couple is very philanthropic, donating $18 million in 2024, including $3 million in stock to Yale University and $1.5 million in stock to the TomKat Foundation, the couple’s nonprofit philanthropic organization.

Steve Hilton

Earnings: $7.5 million in 2024, including $250,000 from Fox News and $6.7 million earned by his wife Rachel Whetstone as Netflix’s director of communications. The couple also made $360,000 in global investments, but reported a net loss of $3,000 in capital gains.

That same year, the couple received another $25,000 in rent for three properties in London, including two apartments in the trendy Camden area. Hilton, a Republican, reported losing more than $226,000 at 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 took a $41,000 deduction for mortgage interest in 2024. Rivals doubt the seat of the Democrat in California although he claims a Bay Area rental as his primary residence.

Federal taxes paid: $83,000 in 2024.

Katie Porter

Income: $300,000 in 2025, almost all from her salary as a law professor at UC Irvine. Porter, a Democrat, also receives royalties from book sales: He earned $140,000 in 2023 from books he’s authored, including two textbooks and his memoir, “I Swear: Politics Is Dirtier Than My Minivan,” published the same year. He earned $18,000 in 2024 and $3,500 last year from royalties.

Federal taxes paid: $58,000 in 2025.

Chad Bianco

Income: $590,000 in 2025, jointly with wife Denise Bianco. Bianco’s statements did not detail the Republican’s salary, but his base salary as sheriff was $348,000 in 2024 after the Riverside County Board of Supervisors gave him a 27 percent raise in May of that year.

In 2023, it already was the highest paid sheriff from the state, with total compensation of over $593,000, which includes benefits such as pension and health coverage.

Federal taxes paid: $127,000 in 2025.

Xavier Becerra

Income: $490,000 in 2024, with wife, UC Davis physician Carolyn Reyes. That includes the nearly $250,000 salary Becerra was earning at the time as U.S. Secretary of Health and Human Services in the Biden administration. The couple rented four single-family homes, which netted them $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 disability support service based in San Rafael, where she works as an assisted living aide, one of several minor jobs the Democrat has held . His wife, Vanessa Viarco, earned $87,000 as community engagement manager at KVCR Public Media at San Bernardino Community College.

Federal taxes paid: $52,000 in 2025.

Antonio Villaraigosa

Revenue: $1.4 million in 2024, most of which comes from Actum, a business consulting firm with offices around the world, including Los Angeles and Sacramento, and his own company, Antonio Villaraigosa LLC. He also received a $125,000 pension as a former Democratic mayor of Los Angeles. He and his wife, Patricia, filed their tax returns separately.

Federal taxes paid: $462,000 in 2024.

Betty Yee

Income: $211,000 in 2024, almost all of which comes from pensions and Social Security. Yee, a Democrat, reported $1,300 in consulting and teaching income, while her husband, Steven Jacobs, a rabbi, reported no income. The couple received $54,000 from the sale of their timeshare in October 2024. In 2021, they also reported $3,400 in gambling income.

Yee, who was California comptroller until January 2023, was paid an annual salary of about $157,000 in 2022 and $13,000 in 2023 when his contract expires in January.

Federal taxes paid: $24,000 in 2024.

Matt Mahan

Income: $507,000 in 2025, including his $226,000 salary as mayor of San Jose and his wife Sylvia Skandar Mahan’s $267,000 salary as president of Cristo Rey San Jose High School. In 2024, the couple applied for $14,000 in clean energy credits for using solar-generated electricity.

Federal taxes paid: $99,000 in 2025.

Jeanne Kuang and Juliet Williams of CalMatters contributed information to this article.