While campaign finance is not the only factor in electoral outcomes, successful fundraising can provide a candidate with advantages during a campaign. Fundraising can also indicate party momentum.

This article details the five candidates who raised the most money and lost their election. In the 2022 election cycle, 78 of 80 general elections were contested. The losing candidates are shown along with the percentage of the vote they received compared to the winner. In cases where the race was pushed to a runoff, vote percentages for both advancing candidates are included.

Newsom is Governor of California and is running for re-election in 2022. Newsom raised $12.7 million and spent $14.8 million between Jan. 1, 2021, and June 30, 2022. According to California Secretary of State reports, the following individual donors and PACs gave the most money to Newsom.