UKIP contested the 1994 European Parliament election with little financing and much infighting, securing itself as the fifth largest party in that election with 1% of the vote. During this period, UKIP was viewed as a typical single-issue party by commentators, some of whom drew comparisons with the French Poujadist movement. Following the election, UKIP lost much support to the Referendum Party; founded by the multi-millionaire James Goldsmith in 1994, it shared UKIP's Eurosceptic approach but was far better funded. In the 1997 general election, UKIP fielded 194 candidates and secured 0.3% of the national vote; only one of its candidates, Nigel Farage in Salisbury, secured over 5% of the vote and had his deposit returned. UKIP was beaten by the Referendum Party in 163 of the 165 seats in which they stood against each other. The Referendum Party disbanded following Goldsmith's death later that year and many of its candidates joined UKIP.