After Trump's victory, the fortunes of the world's 10 richest individuals increased by $63.5 billion.
The net worth of the 10 richest people in the world surged by a record $63.5 billion on Wednesday following Donald Trump's victory in the U.S. presidential election.
This was reported by Bloomberg.
It marks the largest single-day gain since the inception of the Bloomberg Billionaires Index in 2012.
Elon Musk, the richest person globally and a staunch Trump supporter, saw his wealth increase by $26.5 billion. Other notable figures include Amazon founder Jeff Bezos and Oracle's Larry Ellison. The only non-American among the top 10, Bernard Arnault of LVMH, also recorded significant wealth growth.
The substantial increase in wealth is largely attributed to the rapid rise in U.S. stock markets. The S&P 500 jumped by 2.5%, showcasing the best performance post-election in history, while the U.S. dollar also strengthened. Investors are betting that Trump's return to the White House will support policies that favor tax cuts and reduced regulation.
“U.S. financial assets, especially stocks and the U.S. dollar, should get a boost,” said Sami Chaar, chief economist and IT director at Lombard Odier, a wealth management firm.
In addition to traditional billionaires in technology and e-commerce, the wealth of crypto entrepreneurs also saw a sharp increase. The net worth of Coinbase CEO Brian Armstrong rose by 30% to $11 billion, while Binance founder Changpeng Zhao added $12.1 billion, bringing his total wealth to $52.7 billion.
The dramatic rise in the wealth of the world's richest individuals underscores the significant impact of Trump's election victory on financial markets and the fortunes of the ultra-wealthy. As the former president prepares to reclaim his position, his political decisions could continue to shape the economic landscape and wealth distribution worldwide.
Background. Earlier, Mind reported that Trump declared himself the President of the United States and stated that this would be a "golden era."