The Billionaire, the $244 Million Surge, and the Quiet Reshaping of American Politics

Swiss billionaire Hansjörg Wyss’ U.S.-based foundation reported a staggering $244 million revenue spike in its latest tax filings, amplifying long-standing concerns about foreign influence in American policy and governance. Through a network of nonprofits, Wyss has helped fuel transformative political advocacy, raising critical questions about the role of big money—and where it comes from—in U.S. democracy.

The Wyss Foundation reported approximately $244 million in revenue for fiscal year 2024, up from $43.39 million in 2023, according to its latest tax filing data. The increase was driven largely by $211.19 million in “sales of assets” and $54.79 million in dividends, records show.

The revenue surge has renewed attention on the political and policy ecosystem tied to Swiss billionaire Hansjörg Wyss, who lives in Wyoming and has built a U.S. footprint through philanthropy and advocacy organizations. As a foreign national, Wyss is barred under federal law from making contributions “directly or indirectly” in connection with U.S. elections, though the line between permissible issue advocacy and impermissible election spending can be difficult to police, campaign-finance experts say.

One key vehicle is the Berger Action Fund, a Wyss-linked nonprofit that the Associated Press has reported donated $339 million to left-leaning nonprofits since 2016. Those recipients include politically active nonprofits such as the Sixteen Thirty Fund and New Venture Fund, which AP reported collectively received $245 million from Wyss-linked groups since 2016.

Those two funds share common infrastructure: AP reported they have the same founder, address and management firm. AP also reported that Sixteen Thirty Fund gives directly to political committees and supports other groups that do, based on tax filings and campaign finance disclosures.

Another major recipient is the Fund for a Better Future, which AP reported has received $101 million since 2016 from Wyss-linked giving. One of its projects, Climate Power, spent about $5.3 million on ads supporting roughly 30 House Democrats in the closing months of the 2022 midterms, AP reported, citing campaign finance disclosures.

The Wyss Foundation and Berger Action Fund have said they follow restrictions intended to keep their money out of electoral politics. In a statement cited by AP, the organizations said they have policies prohibiting their funds from being used for “get-out-the-vote activities, voter registration, or supporting or opposing candidates or political parties.”

Still, watchdog groups and some Republicans have argued the nonprofit structure can frustrate oversight. AP reported that staff attorneys at the Federal Election Commission recommended at one point that Sixteen Thirty Fund should be required to register as a political committee — a step that would bring additional disclosure — but commissioners ultimately rejected the complaint.

Campaign Legal Center’s Saurav Ghosh told AP that the system often relies on nonprofits’ assurances about how money is used, and that oversight is limited when funds move through multiple entities.

The Wyss Foundation’s 2024 filing does not, by itself, explain whether the revenue spike signals a change in its long-term political or philanthropic strategy; it does show, however, that the foundation’s single-year revenue jump coincided with unusually large asset sales. As lawmakers debate foreign influence and disclosure rules, the Wyss network remains a case study in how modern political funding can flow through legally distinct nonprofits — and how difficult it can be for regulators and the public to trace where money ends up, and for what purpose.