COLUMBIA - Gov. Mark Sanford says he's not running for president, but his fundraising is bringing up questions from political insiders.

Mr. Sanford has raised more than $3.5 million toward his 2006 re-election campaign.

More than 40 percent of his money this year has come from out of state. And a large portion of the money has come from investment bankers.

The donations have helped fuel speculation that the governor is considering a future run for the White House.

"Wall Street people are noted for making early investments, whether for companies or for politicians," said University of Virginia political scientist Larry Sabato.

Mr. Sanford said people who give him money thinking they are helping a future presidential candidate are "idiots."

Rice University political scientist Earl Black said many donors want to help rising politicians.

"Within both parties, there are a lot of people who are looking for cues as to people who are viewed as on the rise in one capacity or another," Mr. Black said.

Yet Mr. Sanford said many of his contributors are friends. One donor, Richard Chilton of Connecticut, owns acres of land in Beaufort County, where Mr. Sanford's family owns a plantation.

Mr. Chilton and his family, companies and employees gave Mr. Sanford more than $30,000 from January through July.