“Even though the Democratic donor community has been expanded with the rise of easy-click online giving, it remains a small, disproportionately white, disproportionately wealthy faction of the total Democratic electorate.
The progressive think tank Demos, in an analysis of 2012 presidential giving, found that only 15 percent of Democratic small donors were people of color. In 2016, the Democratic primary electorate was 38 percent people of color. Demos also found that 15 percent of Democratic small donors, and 25 percent of all Democratic donors, were millionaires (who are 3 percent of the U.S. population).
Past presidential candidates with lots of small donors have failed to win the most votes. Howard Dean was leading the 2004 Democratic presidential field in fundraising when John Kerry successfully kept his campaign afloat before the Iowa caucuses by mortgaging his house. In 2016, Sanders had approximately 2.4 million individual donors—twice as many as Hillary Clinton—yet Clinton won 15.6 million votes, nearly 4 million more than Sanders.”
– Bill Scher, Politico Magazine contributing editor