Democrat Terry McAuliffe has been outraising Republican Glenn Youngkin ahead of Virginia’s statewide election, when one of them will become the state’s next governor.

But a new report from Axios has revealed some nuances behind the numbers.

A majority (59%) of Youngkin’s donations are from within Virginia, while a majority (64%) of McAuliffe’s are from outside the state.

That is not counting the more than $16 million that Youngkin has donated to his campaign from his own bank account.

“Terry McAuliffe has had a national rolodex for many years,” said Virginia political analyst Bob Holsworth, noting that McAuliffe was once the Democratic National Committee chairman.

In terms of money coming only from within Virginia, Youngkin has outraised McAuliffe $14.2 million to $13.6 million. In overall donations, McAuliffe has outraised Youngkin by more than $15 million. None of that is counting Youngkin’s personal contributions to his own campaign.

“The Virginia governor’s race has effectively become the first race of 2022,” Holsworth said. “Both of these parties on the national level are looking at this race wondering what it will mean for next year’s congressional races and senatorial races.”

Youngkin and McAuliffe combined have raised $88 million, demolishing fundraising records.

The previous record at this stage of a Virginia governor’s race was in 2013, when McAuliffe and Republican Ken Cuccinelli raised a combined $49 million, according to the Virginia Public Access Project.

“The biggest story here is that we’ve never seen races anywhere near this in terms of a governor’s contest in Virginia,” said Holsworth. “It may be the case that they could spend upwards of $100 million.”

Virginia and New Jersey are the only two states electing governors this year, and the Virginia race is by far the most competitive.

Early in-person voting already is underway across the state. In-person early voting ends Oct. 30. Election Day is Nov. 2.