The wealth divide defining Georgia’s governor’s race

That disparity is already playing out on the airwaves: roughly $88 million has been spent or reserved on the GOP side, including about $19 million from a shadowy group targeting Jones, shattering state records for a gubernatorial primary. Democrats, by contrast, have put roughly $1 million on TV as of last month.

The divide is driven by the Republican slugfest between Jackson and Jones, whose spending has transformed the contest into the most expensive primary of its kind in state history.

But deep pockets only take candidates so far. Georgia political history is littered with self-funded contenders and big-money hopefuls who flamed out at the ballot box. And Democrats, particularly in recent statewide races, have shown they can quickly become fundraising juggernauts in their own right.

Here’s a closer look at the filings:

Republicans

Attorney General Chris Carr. He reported a net worth of roughly $5.1 million, including $4.79 million in assets and $315,600 in liabilities. His filing lists a half-acre residential property in DeKalb County and an investment portfolio spanning index funds, blue chip stocks and retirement accounts.

Rick Jackson. The health care staffing tycoon’s fortune is so large that it doesn’t fit on Georgia’s financial disclosure form. Jackson reported a net worth of $999,999,999.99, maxing out the digits allowed. His campaign said his total assets top $3 billion. He disclosed more than $930 million in state-linked transactions over the last five years, topped by a $480 million contract in 2021 at the height of the coronavirus pandemic.

His 72-acre Forsyth County estate was the only property listed as a direct real estate asset, though the filing also includes the RICSHA Real Estate firm among his network of companies.

He listed leadership roles in a network of companies, charities and advocacy groups, including health care holding firms, biotech ventures, a Vino.com beverage distributor, foster care and adoption nonprofits, child advocacy organizations, medical missions groups and charitable foundations.

Lt. Gov. Burt Jones. The lieutenant governor reported $10.9 million in net worth, with $17.1 million in total assets and $6.2 million in liabilities. His wealth is anchored in his family’s business empire, including stakes in JP Capital & Insurance and Jones Petroleum, along with real estate and rental income.

The filing lists a primary residence in Butts County, a rental property in Jackson and a salary of more than $500,000 but less than $1 million from his insurance business. He also reported $112,162 in state salary and per diem as lieutenant governor.

Secretary of State Brad Raffensperger. He reported a net worth of $91.9 million, with no listed liabilities. The filing lists two residential properties held by his wife, Tricia — one in Fulton County and another in Florida’s Escambia County — along with a Strategic Wealth Management fund and a slate of private investments tied to his family’s engineering and holding companies.

The disclosure also lists leadership roles in Trillium Structures, Revitalized Structures and Sapphire Family Holdings, along with a range of investments by his wife in private companies and funds.

Credit: AJC file photos

Credit: AJC file photos

Democrats

Former Atlanta Mayor Keisha Lance Bottoms. Bottoms reported a net worth of roughly $2.07 million, with $3.9 million in total assets against $1.83 million in liabilities. Her filing shows a portfolio built around real estate, including a primary residence in Fulton County, two metro Atlanta investment properties and a property on Martha’s Vineyard in Massachusetts.

Bottoms also lists board and advisory roles at the University of Chicago Institute of Politics, Coinbase, JPMorgan Chase’s Advancing Black Pathways, the International African American Museum and the FirstNet Authority Board. Her advisory firm, KRLB LLC, shows income between $250,000 and $500,000 last year.

Former Lt. Gov. Geoff Duncan. The party-switching former Republican disclosed a net worth of $7.7 million, with $8.5 million in total assets and $775,000 in liabilities. His wealth is tied largely to his consulting firms, Striking Strategies LLC and NXT Strategies LLC, which each reported total 2025 income between $250,000 and $500,000, along with a personal residence in Forsyth County.

Former state Sen. Jason Esteves. The ex-lawmaker reported a net worth of $1.55 million, with $2.85 million in assets and $1.3 million in liabilities. His filing lists ownership stakes in restaurant businesses in Columbus and Macon, an investment group and a primary residence in Fulton County. He also disclosed income from three sources in 2025: his legislative salary, his legal work at Hudson Cook LLP and his Flying Biscuit Cafe eateries in Columbus and Macon.

The filing also lists stakes in his wife’s urgent care business, alongside board roles with the Children’s Museum of Atlanta, the Atlanta Volunteer Lawyers Foundation and the World Affairs Council of Atlanta.

Former DeKalb County chief executive Michael Thurmond. He reported a net worth of $3.93 million, with $4.35 million in total assets and $420,000 in liabilities. His filing lists multiple real estate holdings, including a residence in DeKalb County and rental properties in Athens-Clarke and Richmond counties.

Thurmond lists an ownership stake as chief executive of Mecca Communications, an Athens-based radio station. The filing also shows recurring state-linked transactions over the past four years totaling about $70,000.