WASHINGTON, D. C.: Billionaires Michael Bloomberg and Tom Steyer are testing an unproven theory in the contest for the Democratic presidential nomination: that their vast personal wealth can buy the trophy.

Not since Texas businessman Ross Perot spent $63.5 million in 1992 (more than $100 million in today’s dollars) on his run for president as an independent have candidates for the White House banked so much on their massive fortunes alone on delivering results. Donald Trump spent about $65 million of his own money in 2016. Bloomberg has spent more than three times that amount in a little over two months.