Democrat Nick Mansour leads Republican Elijah Norton in Arizona treasurer race

Democrat Nick Mansour is leading Republican Elijah Norton in the race to be Arizona’s next treasurer.

As of Wednesday morning, the statewide results showed Mansour ahead 53.7% to 46.3%, a difference of 155,808 votes.

The difference of 7.4 percentage points was smaller than the 11.5-point gap after Tuesday’s first wave of results.

The state treasurer manages Arizona’s banking and investments, protects billions of dollars in public funds and oversees payments to state agencies.

The official also invests money for local governments and manages the Permanent Land Endowment, which helps fund public schools and other beneficiaries.

Mansour, Norton differed on investment stances

The treasurer seat opened up when Republican Kimberly Yee, who previously held the position, ran for superintendent of public instruction.

This year’s nominees disagreed on how Arizona should invest its education funds.

Mansour, the former CEO of Arizona College of Nursing, wants to invest more money in stocks to seek higher returns. His plan would put 70% to 80% of the funds in stocks and 20% to 30% in bonds.

Norton, president of Veritas Global Protection Services, says that approach is too risky. During an Arizona Clean Elections debate, he warned that a market downturn could lead to losses of $1 billion to $2 billion over 10 years. He favors a more cautious approach to investing state money.

Both candidates want to reduce waste and fraud. Mansour wants more audits of Empowerment Scholarship Accounts, or ESAs, and better software to track spending, while Norton supports tighter controls on purchasing.

This is an updated version of a story originally published Nov. 3, 2026.

Click here to see results come in from all the races in Arizona.

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