Donors flood to put their money on Donald Trump for second term in Oval Office

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First lady Melania Trump and President Donald Trump greet supporters at a rally to formally announce his 2020 re-election bid in Orlando (John Raoux/AP)

President Donald Trump raised 24.8 million US dollars (£19.65 million) in the less-than 24 hours after kicking off his re-election campaign.

The staggering sum was announced in a tweet on Wednesday morning by Republican Party Chairwoman Ronna McDaniel.

It dwarfs what the top Democratic contenders in the 2020 White House primary raised over the course of the first three months of this year.

It is a demonstration of the power of incumbency, while underscoring Democratic worries that they are not doing enough to prepare for the match-up with Trump.

Mr Trump already reported 48.7 million US dollars cash on hand at the end of March, spread across three committees tied to his campaign.

The Republican National Committee had an additional 34.7 million US dollars during the same period.

The Democratic National Committee had just 7.5 million US dollars with 6.2 million US dollars in debt.