Newly announced Democratic presidential candidate, former New York Mayor Michael Bloomberg speaks during a press conference to discuss his presidential run on November 25, 2019 in Norfolk, Virginia.

Mike Bloomberg is one of the richest men in the world. But he's about to learn a priceless lesson: You can't buy the American presidency.

It's not that Bloomberg's entry into the presidential race is simply a matter of his enormous wealth and already record-breaking campaign spending. His actions as the former mayor of New York City and activism as a private citizen prove Bloomberg is passionate about issues — such as gun control and climate change — that could help him connect with Democratic Party primary voters.

Nevertheless, recent history tells us Bloomberg's money can only get him so far and the rest of what a candidate needs to win the White House is something money can't buy.

It's important to remember that President Donald Trump's 2016 win came despite the fact that he spent only about half of what Hillary Clinton dished out in the last presidential election.

That left many Clinton supporters and even disinterested parties wondering what she got for that financial advantage. It's still a burning question for the many people who make their living not just staffing campaigns but also spending an ever-increasing amount in each new campaign cycle.

The good news for that industry is Bloomberg is now in the race and the Trump campaign is breaking fundraising records in this cycle, spending much more than it did in 2016.

But none of that changes the fact that money alone is simply not enough.

The key ingredient to winning any election is being persuasive enough to ignite passionate support among a core group of voters that carries all the way to Election Day.

Barack Obama did that in 2008 as his campaign took on a transformational spirit from the moment he announced his candidacy. Donald Trump did something similar by drawing huge and raucous crowds to his rallies early in the primary process, something that had never been done before. Without that passion, no matter how deserved or undeserved, a candidate cannot win the presidency.