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.