What is Tom Steyer’s net worth?

There is yet another Democrat running for president.

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Self-made billionaire and activist Tom Steyer announced Tuesday he is joining the race for the presidential nomination. The 62-year-old environmentalist is one of the most visible and deep-pocketed liberals advocating for President Trump's impeachment.

After running hedge fund called Farallon Capital for 26 years, Steyer turned to politics and the environment in 2012, Forbes reported.

Today, Steyer is worth a whopping $1.6 billion, according to the outlet. That’s significantly more than frontrunners Sen. Bernie Sanders, I-Vt., and former Vice President Joe Biden.

Sanders released 10 years worth of returns in April, which showed his adjusted gross income in 2017 was $1.13 million — mainly thanks to royalties from his book "Where We Go From Here." Biden is estimated to be worth about $4 million, per Celebrity Net Worth.

Steyer is also ahead of high-earning candidates such as best-selling author Marianne Williamson, who is reportedly worth between $783,031 and $2,126,006, according to various reports, and Sen. Kamala Harris D-Calif., who is worth between $581,010 and $1.8 million, per GoBankingRates.

Billionaire Tom Steyer is joining the race for the Democratic presidential nomination, reversing course after deciding earlier this year that he would forgo a run. (AP Photo/John Minchillo, File)

During the 2016 election, Steyer gave about $65 million to support Democratic candidates and environmental causes, according to Forbes.

Steyer surprised many Democrats in January when he traveled to Iowa — home to the nation's first presidential caucus — to declare he would focus entirely on the impeachment effort instead of seeking the White House.

Since then, Steyer, of California, has said he's grown frustrated at the pace at which the Democratic-controlled House is approaching Trump.

Despite becoming a national voice on the impeachment issue, Steyer made no mention of it in his campaign announcement. Instead, he said his campaign will focus on reducing the influence of corporations in politics. He also plans to target climate change, which is the focus of the Steyer-backed advocacy group NextGen America.

"The other Democratic candidates for President have many great ideas that will absolutely move our country forward, but we won't be able to get any of those done until we end the hostile corporate takeover of our democracy," Steyer said in a statement.

As he seeks the presidency, Steyer is resigning his leadership positions in both his organizations NextGen America and Need to Impeach. He says he has committed more than $50 million through 2020 to the two organizations.

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Steyer joins the race three weeks before the next presidential debates — meaning, he could struggle to get a spot on the stage. He likely won't meet polling requirements to participate but could clear a fundraising threshold.

This is not the first time Steyer has considered running for office. He eyed bids for governor of California in 2018 and the Senate in 2016.

The Associated Press contributed to this report.