Rick Caruso has secured 50.8 per cent votes against Congresswoman Karen Bass, who managed 49.2 per cent so far ©Getty Images

Billionaire Rick Caruso is currently leading the race to decide the next Mayor of Los Angeles by a slim margin.  

Caruso has secured 50.8 per cent votes against Congresswoman Karen Bass, who managed 49.2 per cent.

A total of 244,102 people have voted for the 63-year-old Caruso while Bass has 236,017 votes to her name.

It is too early to call who will win the elections, with an estimate of 819, 881 still to vote.

In June, the duo failed to secure the simple majority needed to win the primary round.

According to reports, Caruso who switched from the Republican Party to become a Democrat recently, have spent more than $35 million (£30.5 million/€34.8 million) of his own money on the campaign.

Apart from tackling homelessness and crimes, Caruso has promised "to clean up LA" if he wins.

Bass has pledged to "return [Los Angeles] to the forefront of addressing climate change globally" along with fighting homelessness and crime.

If elected, the California’s Democrat representative for the 37th district will become the first woman Mayor of Los Angeles.

Whoever wins will be in office until 2026, which is a crucial period in the build-up to the Los Angeles 2028 Olympic and Paralympic Games.  

Eric Garcetti, the current Mayor, was ineligible to run for re-election because of the city’s two-term limit.

Garcetti was in power and played a massive role in Los Angeles securing the right to stage the Olympics at the International Olympic Committee Session in Lima in 2017.

Los Angeles is set to host the Olympic Games for the third time, after 1932 and 1984, but the Paralympics will be held in the city for the first time.

In March, Garcetti signed an order called Executive Directive 28: Securing a Legacy of Equity Through the 2028 Olympic and Paralympic Games, to coordinate with key stakeholders and city departments before the Games.

"It will help us to coordinate our preparations for this international event and ensure that LA’s core values drive all of our planning for 2028 and beyond," Garcetti had said then.

However, Garcetti also faced scrutiny after ignoring sexual misconduct claims against Rick Jacobs, his former top adviser.

A Senate vote on the nomination Garcetti as United States Ambassador to India was put on hold as a result.