(The Center Square) – Candidates who spent the most money in Virginia’s statewide elections have usually gone on to win, based on a review of campaign finance records spanning more than two decades.
The review looks at inflation-adjusted spending in races for governor, lieutenant governor and attorney general dating back to 2001. It relies on campaign finance reports filed with the Virginia Department of Elections and allows spending levels to be compared across elections over time.
In governor’s races, higher spending has often lined up with winning campaigns. In all but one of the last seven elections, the candidate who spent the most money won. Democrats outspent Republicans in five of those seven races, according to an analysis published by the Virginia Public Access Project.
Spending reached its high point in the 2021 governor’s race. Both major-party nominees posted their largest spending totals of the past two decades, with Democratic nominee Terry McAuliffe spending about $86 million and Republican nominee Glenn Youngkin roughly $79 million.
Spending declined in the 2025 election, but totals were still far higher than those seen in the early 2000s.
Spending patterns are less predictable in other statewide races.
Lieutenant governor elections in Virginia have historically drawn far less money than governor’s races. Neither party has maintained a consistent financial edge, with some elections showing Republicans spending more and others favoring Democrats.
Attorney general elections fall between governor and lieutenant governor races in overall cost. The chart shows spending rose sharply in the 2025 attorney general race compared with the 2021 election. Republican Attorney General Jason Miyares’ campaign spent about $30 million, while Democratic nominee Jay Jones spent roughly $16 million.
The analysis includes only Democratic and Republican candidates who appeared on the November ballot. It accounts for reported campaign spending, loan repayments, surplus fund disbursements, and in-kind contributions, along with spending by committees controlled by each candidate. All figures were adjusted for inflation.
