Ahead of the November election, President Joe Biden‘s campaign has outstripped Donald Trump‘s fundraising efforts, buoyed by support from Democratic predecessors and grassroots donors.

Biden showcased this advantage at a New York fundraiser attended by former Presidents Barack Obama and Bill Clinton.

Data from OpenSecrets reveals that Biden’s campaign committee surpasses Trump’s in both large contributions and small individual donations under $200.

While Biden’s campaign garners 55% of its funds from large contributions, Trump’s campaign relies more heavily on them at 64%. However, Trump fares better in fundraising from outside groups like super PACs, collecting $83.1 million compared to Biden’s $60.1 million.

Biden’s financial edge echoes a trend where Democratic candidates have consistently outraised their Republican counterparts since 2004. 

Biden’s 2020 campaign amassed over $1.6 billion, the highest in presidential race history, while Trump raised $1.1 billion.

Yet, fundraising prowess doesn’t always correlate with success, Trump secured victory in 2016 despite Hillary Clinton raising significantly more funds.

Small-dollar donors play a pivotal role in signaling grassroots support, a vital aspect highlighted by political analysts. They view such donations as gestures of belief in the candidate.

Fundraising events, like the one Biden headlined in New York, are important for building campaign war chests, funding vital advertisement campaigns and outreach efforts.

While Biden benefits from endorsements and fundraising assistance from party stalwarts, Trump faces challenges in securing similar support from within the GOP ranks.

Despite this, Trump’s campaign is gearing up for significant fundraisers, including one hosted by billionaire John Paulson in Florida, with donations ranging from $250,000 to $814,600 per person.