Five months before the mayoral primary, former Wall Street financier Ray McGuire has emerged as the biggest fundraiser in his run for City Hall, new campaign finance data shows.
The former CitiGroup executive has turned to deep-pocketed donors in the upper echelons of Manhattan's upper class to help amass a sizable haul, with nearly $5 million in his campaign coffers, according to campaign finance data released last Friday. McGuire entered the race in October, but has still managed to out-raise his rivals who have declared long before he did, including Brooklyn Borough President Eric Adams and Comptroller Scott Stringer.
The graph below shows McGuire as the top fundraiser in the crowded field of mayoral candidates. Here's a look at how the other candidates are doing:
The below map shows who New York City residents have been putting their money behind, with McGuire leading among them. The color-coded map shows those living in Manhattan's 10024 and 10128 ZIP codes—generally considered the Upper West Side and Upper East Side where median incomes are $112,189 and $173,848, respectively—have donated a combined half a million dollars to McGuire's campaign.
Other candidates in those two ZIP codes have also reaped in generous donations from New Yorkers, former Housing Urban Development Secretary Shaun Donovan and Stringer receiving $131,190 and $166,684, respectively.
One reason that could explain McGuire's quick rise as a top fundraiser is the sizable donations he's received. The chart below shows 91% of McGuire's individual donors have chipped in $1,000 or more. McGuire has opted out of the 8 to 1 matching funds program, where his money could have increased eight times by New York City residents who give between $10 and $250. To qualify, candidates need to raise $250,000 in eligible donations.
But even with McGuire's haul, Adams technically maintains a lead that's been helped by his prior campaign and the 8 to 1 matching program, as this chart below shows.
Unlike McGuire, former City Hall attorney and MSNBC news analyst Maya Wiley has qualified for the taxpayer-funded program, thanks to the more than 9,000 donors who've backed her campaign, stretching her donations even further. Former city Sanitation Commissioner Kathryn Garcia may have raised $300,000 but did not qualify for the program.
The following interactive bar graph breaks down the size of donations for each candidate (hover your mouse over any individual candidate to see their haul):
For McGuire, raising funds easily seems to stem largely from who exactly is donating to his campaign, and he can thank CEOs and the legal world for that. A look at his coffers show he's received a total of $968,830 from donors who identity as a CEO or an attorney or lawyer. Similarly, Wiley has received the most funds from people who identify as an attorney, with $80,604, a fraction of McGuire's amount.
Here's a breakdown of each of the other candidates:
But McGuire's money appears to be coming less from New York City than some other homegrown candidates who've built their political careers serving New York City, like Stringer and Adams. Leading the pack with the most outside money, however, is Zach Iscol, a CEO who helped carry out logistics for the COVID-19 response at the Javits Medical Center, where 38% of his money has come from outside New York. Donovan is not too far behind, with 36% of his money originating outside the five boroughs.
The next campaign filing date is March 15th, when candidates such as entrepreneur and former presidential candidate Andrew Yang—who officially entered the race last week—are expected to release their latest take.
The mayoral race is set for June 22nd and will be the first time where Ranked Choice Voting will play a role in the race.