UVA Center for Politics talks latest fundraising trends in Virginia’s statewide races

Virginia’s Gubernatorial Race Sees Fundraising Surge as Early Voting Approaches

Last updated Sep 17, 2025

TL/DR –

The fundraising for the gubernatorial, lieutenant governor, and attorney general races in Virginia is intensifying. In July and August, Democrats led fundraising in all three races, with Democratic nominee for governor Abigail Spanberger raising about $14 million and Republican nominee Winsome Earle-Sears raising $15 million. However, despite the fundraising efforts, recent polls showed results contrary to expectations with state senator Ghazala Hashmi, a Democrat, leading with 45% support and incumbent attorney general Jason Miyares trailing his Democratic opponent Jay Jones, who had 47% support.

Virginia Gubernatorial Race Fundraising Trends Show Democrats Leading

Fundraising efforts for the forthcoming Virginia gubernatorial, lieutenant governor, and attorney general elections are intensifying as early voting approaches. In July and August, Democrats dominated fundraising for each race. Democratic gubernatorial candidate Abigail Spanberger generated roughly $14 million, just shy of the $15 million raised by her Republican contender, Lieutenant Governor Winsome Earle-Sears.

Record Breaking Fundraising in Lieutenant Governor’s Race

Meanwhile, State Senator and Democratic lieutenant governor nominee, Ghazala Hashmi, set a new record by raising approximately $1.3 million. Her opponent, former conservative radio host John Reid, amassed about $370,000.

Shift in Attorney General’s Race

In contrast, the attorney general race witnessed a switch in momentum. Despite Jason Miyares, the current attorney general, raising more than his Democratic rival, Jay Jones, on the whole, Jones outdid Miyares in the July-August period ($4 million versus $3.7 million).

Fundraising Impact on Virginia Elections

J. Miles Coleman from the UVA Center for Politics underlines the importance of fundraising, but clarified that money alone can’t ensure victory. “It certainly helps, but…your mileage may vary based on how well you spend it,” Coleman stated.

Election Polls Contradict Fundraising Trends

Intriguingly, recent polling from Virginia Commonwealth University suggests the outcome might not reflect fundraising trends. As of September 9, 45% of Virginians favor Hashmi and 41% favor Reid, while 47% back Jones and 41% support Miyares. According to Coleman, despite raising less funds, Reid outperforms Miyares in the polls.

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