Vivek Ramaswamy’s Deep Pockets Overshadow Democrat’s Fundraising in Ohio’s Governor Race

Democrats and Republicans alike in Ohio say this year’s governor’s race will be the most expensive ever. That could give one candidate an edge: Republican Vivek Ramaswamy, a billionaire whose fundraising eclipsed his Democratic opponent’s.

But Democrats say they’re feeling confident their candidate, Amy Acton, can pull it off.

“I think in politics there’s a law of diminishing returns on the money these days,” Nan Whaley, former Democratic nominee for governor and mayor of Dayton, told NOTUS. “You have to have enough to get your message out. But l think there’s other things that play in politics these days.”

Acton raised $5 million in 2025, a record for a Democratic nominee for Ohio governor in a nonelection year.

Ramaswamy raised $19.8 million last year. He also has a large personal fortune, but hasn’t self-funded so far, besides paying nearly $800,000 for the campaign’s use of a private jet.

His campaign said in a statement that it expects to easily break Gov. Mike DeWine’s record for total funds raised for a race at $24 million in 2018.

Democrats say the fundraising numbers could be deceiving. Of the $5 million Acton raised, $4 million came from just the last quarter of the year, according to Acton’s campaign. One Democratic strategist in Ohio said that it’s not surprising Ramaswamy raised more in 2025, given his wide-open path to the nomination.

The Democratic side of the ballot took longer to shake out, with former Rep. Tim Ryan declining to join the race in November and former Sen. Sherrod Brown choosing to run to get back in the Senate.

“Amy dealt with a shadow primary of Sherrod possibly running, and then Tim Ryan. Money was not coming in quickly, and she still managed to raise more than any Democrat for governor has ever raised in an off-year, so I feel pretty confident she’s going to have a lot of resources,” the strategist said, requesting anonymity to openly discuss campaign strategy.

Acton so far is getting her message out and looking competitive in a state that has shown itself to be unfavorable to Democrats since President Donald Trump’s first victory in 2016, leading one poll or being within the margin of error of two others since October.

Even with fewer resources, Democrats think the money alone will not be enough to win in Ohio, pointing to polling that shows her in a close race with Ramaswamy.

Democrats frame Ramaswamy as an out-of-touch outsider who will struggle to connect with working-class voters, particularly as the cost of living continues to be a major driver of political tension.

“It’s really difficult for a billionaire who has spent $1 million of his own money on a private jet on the campaign to win the argument that he understands what people are going through and is going to do something about it,” the strategist said.

Ramaswamy has the edge in name identification, but Democrats argue this is a two-sided coin, with polling showing that he holds a 40% approval rate and a 41% disapproval rate. Both of Acton’s numbers sit in the 30s.

Much of Ramaswamy’s name recognition is associated with his failed presidential bid in 2024. His presidential ambition has not gone unnoticed by members of both parties. When asked at the 2026 Politico Governor’s Summit if Ramaswamy wants to be a governor of Ohio or a “national political celebrity,” Gov. Mike DeWine said he wasn’t sure.

“I don’t know this, but I assume he wants to be both,” DeWine said.

Ramaswamy’s campaign believes the fundraising haul shows the grassroots excitement for the candidate across the Buckeye State, noting that the campaign’s average donation is $76.

“Our opponents will try to downplay this record-breaking fundraising haul, but the numbers speak for themselves,” Jonathan Ewing, Ramaswamy’s campaign manager, said in a statement. “We’ve never seen anything like this in the history of gubernatorial campaigns in Ohio.”