Vivek Ramaswamy made more than $1.1 million in dividends and capital gains in 2025 on his multi-million dollar portfolio of stock holdings, according to a new financial disclosure report he filed this week with the state.
Dr. Amy Acton, meanwhile, disclosed making 62 cents in interest from her checking account.
That basic picture, while an incomplete measure, captures the basic financial divide between the Republican and Democratic frontrunners competing to replace Republican Gov. Mike DeWine in the November election.
Ramaswamy is a 40-year-old billionaire entrepreneur.
Acton, 60, is a medical doctor who is currently a full-time candidate, but previously served as state health department director as part of the DeWine administration.
The disclosures were filed Monday as required by state law, which mandates that anyone running for statewide office in Ohio report their sources of income, investments, debts and business interests.
The filings are designed to reveal potential conflicts of interest rather than provide a complete accounting of a candidate’s wealth. Candidates must list where their money comes from, but are generally not required to say how much they earned, unless their sources of income do business with the state.
The financial disclosures below were filed with the Ohio Ethics Commission. Some identifying details were redacted by state officials. Signal Statewide redacted the names of minors.
The financial details
Acton disclosed no income in 2025, besides her checking account. Her report does not reference her husband Eric’s teaching salary, although she has referenced it on the campaign trail.
She listed owning one business: Dr. Amy Acton, LLC, and 121 separate investments each worth at least $1,000. They include an S&P 500 index fund and shares in many individual companies like Apple, Cisco, Johnson & Johnson, JPMorgan Chase, Pepsico and United Health Group.
Two holdings stand out given her background as a public health professional: she owns at least $1,000 in Philip Morris International, the tobacco company behind brands like Marlboro cigarettes and Zyn nicotine pouches, and at least $1,000 in Imperial Brands, another tobacco company.
Ramaswamy’s filing is far more extensive. He disclosed more than 130 separate sources of income and more than 100 investment holdings worth at least $1,000 each. He listed three businesses: V Leasing LLC, which owns the private jet he uses for campaign travel; One America LLC, which he disclosed as a source of book royalties; and GMDH Properties Management LLC, which owns his personal home in suburban Columbus.
His single largest reported source of income was the nearly $769,000 he made selling shares of Blackberry, a cybersecurity company that once was well known for making early-generation smartphones. The rest of his disclosed income came from dividends, the regular payments shareholders get.
His holdings include household names like Microsoft, McDonald’s and Home Depot, as well as large energy companies like Halliburton, Energy Transfer LP and Chevron. He also disclosed a stake in Narya Capital, the venture capital fund Vice President JD Vance co-founded in 2020 before entering politics, and Strive Asset Management, the “anti-woke” investing company that Ramaswamy founded in Columbus that has subsequently moved to Texas.
Ramaswamy is worth an estimated $1.8 billion, according to a recent Forbes article. Most of his wealth is due to his holdings in Roivant Sciences, a biotechnology company he founded in 2014 that acquires rights to abandoned drug patents and develops them for market. Ramaswamy’s financial disclosure lists holding current stock in the company, and the option of getting more if the company hits certain milestones.
Acton did not disclose receiving any gifts, which candidates are required to do if those gifts are worth more than $75.
Ramaswamy meanwhile disclosed receiving 24 separate gifts. Givers included Lourenco Goncalvez, the CEO of Cleveland-Cliffs Inc., local Republican parties in Geauga, Monroe and Preble counties, Woody Johnson, the New York Jets owner and former British ambassador, and Keith Urbahn, the founder of the company that served as Ramaswamy’s former literary agent.
The running mates
Acton’s and Ramaswamy’s running mates also made similar disclosures which revealed a similar divide in their personal financial situations.
Acton’s running mate, David Pepper, disclosed holding more than 360 different investments worth at least $1,000. He also disclosed hundreds more individual sources of income – a sprawling financial picture that reflects his family background. His father is John Pepper, the former CEO of Procter & Gamble and a prominent Cincinnati philanthropist, and the filing lists several family trusts as sources of income.
Most of Pepper’s income flows from his investment holdings. He disclosed four sources of income from actual work, some of which is related to his work as an author.
One income source for Pepper was from his past role as a senior fellow at the Kettering Foundation, a Dayton nonprofit; another from his Substack page, a third from his book publisher and a fourth from a teaching job at the University of Cincinnati. Unlike Ramaswamy, he did not disclose a specific amount he made for any of them.
The filing from Ramaswamy’s running mate, Ohio Senate President Rob McColley, is simpler than the others.
Because he is a sitting state legislator, McColley files under different rules that require him to disclose income in ranges rather than just listing sources – making his filing unusually specific by comparison. His Senate salary, which is about $122,000, fell in the highest disclosed range. He reported less than $10,000 combined from his private legal work and investment income.
McColley owns 18 different investments worth at least $1,000 each. A company he owns, Bidero LLC, is listed in property records as the owner of a multifamily apartment building near downtown Columbus.
‘Lifelong public servant’ vs. ‘I wasn’t born an anything-aire’
Both candidates have made their contrasting financial backgrounds a regular part of their campaigns.
Acton, who has spoken publicly about a difficult childhood that included periods of homelessness, emphasizes her roots as a working-class Ohioan. She attended Youngstown State University before earning her medical degree from Northeast Ohio Medical University, and says she paid her own way. She drives a Jeep Wrangler on the campaign trail and has noted that her husband is a teacher, the sole current source of income for her family.
“You know, you don’t make money while you’re running for governor,” she said.
Ramaswamy, born to immigrant parents he describes as middle-class, frames his wealth as an opportunity he’d like to extend to other Ohioans.
“My opponent will remind you on a daily basis that I’m a billionaire,” he said during a campaign appearance in Ottawa County on Wednesday. “I will tell you I was not born a billionaire. I was not born a millionaire. I was not born an anything-aire.”
“I don’t apologize for my success. I want to use that success to make sure every kid in this state is able to achieve even bigger things than I did without being beholden to that system.”
