When Salisbury lawyer Bill Graham began thinking about running for governor, he spent $2.2 million of his own money for a television advertising campaign to talk about his opposition to a state gasoline tax increase.

When state Sen. Fred Smith, a Clayton homebuilder, began his campaign for governor, he purchased a Citation jet -- which retails at about $2.5 million.

Welcome to the 2008 governor's race, where private jets and checkbook TV campaigns are now routine.

Four of the five major gubernatorial candidates are millionaires. Millionaire's row includes not only Republicans Graham and Smith, but also Lt. Gov. Beverly Perdue and State Treasurer Richard Moore, both Democrats.

The only gubernatorial hopeful who is not wealthy is former N.C. Supreme Court Justice Bob Orr, a Republican.

So far the Democrats have not used their personal fortunes in the campaigns, although Perdue's husband loaned $200,000 to her lieutenant governor campaign in 2000 that has not been repaid.

North Carolina has had millionaire candidates: Former Democratic Sen. John Edwards, former Republican Sen. Lauch Faircloth and two-time Democratic Senate candidate Erskine Bowles poured their own dollars into their races.

But recent governors have largely been middle-class lawyers: Mike Easley, Jim Hunt, Jim Martin (a former college professor) and Jim Holshouser.

"Being able to write a big check from the get-go to jump-start a campaign is an enormous advantage," said Gary Pearce, a Democratic consultant who has worked for candidates of modest means such as Hunt and rich candidates such as Edwards and Bowles.

Pearce says personal wealth can be used to do quickly what may take other politicians years -- build a network and become widely known.

"You can buy immediately what someone like Jim Hunt, Terry Sanford and Jim Martin had to build over years and years of work to put themselves in a place to run and raise money," Pearce said. "It's not just North Carolina. It's happening everywhere. It's harder for a person who doesn't have a lot of wealth to get into the game."

Nine times out of 10, the candidate who spends the most money wins, said Carter Wrenn, a veteran GOP consultant who has managed campaigns for such millionaires as Faircloth and presidential candidate Steve Forbes.

In the coming governor's race, the GOP needs wealthy candidates, Wrenn argues, because the Democrats have such a head start in fundraising.

"If it weren't for Graham and Smith being able to self-fund," Wrenn said, "the Republicans would be noncompetitive. You have Richard Moore and Bev Perdue having raised a couple of million dollars. No Republican is within hailing distance."

Moore started the year with $2.6 million he had raised from political contributors. Perdue had $2.5 million in money she raised in her committee. Smith had $101,000, and Graham had no political committee.

That doesn't mean the Republicans have not been spending money. Graham, a trial lawyer, became a statewide figure after he created an issues advocacy committee called N.C. Conservatives United to run TV ads opposing a gas tax increase. He later ran some ads decrying illegal immigration.

Besides spending $2.2 million to finance the effort, Graham has loaned his campaign committee at least $75,000. Graham's wealth has enabled him to hire a battery of experienced political operatives, led by former Raleigh Mayor Tom Fetzer.

He also is part owner of a twin-engine plane that he sometimes uses to campaign.

Smith, a Clayton lawyer and businessman, loaned his campaign $378,079 as of Dec. 31, although it is difficult to separate how much was for his state Senate re-election bid and how much was for his gubernatorial effort.

Next page >