Donald Trump’s victory in the 2024 US presidential election has sparked record financial gains for the world’s wealthiest individuals. The top 10 billionaires, led by Tesla Inc.’s Elon Musk, collectively gained $63.5 billion in one day, marking the largest daily increase recorded since the Bloomberg Billionaires Index began in 2012.
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Musk, who is recognised as the wealthiest person in the world, experienced a substantial boost in his net worth, which grew by $26.5 billion. His support of the president-elect is seen as positioning him for policy influence, as Trump has indicated plans to involve Musk in his administration. Tesla shares saw a 15% rise on Wednesday, extending the company’s gains to 32% over the past year.
Jeff Bezos, the founder of Amazon.com Inc., and Larry Ellison, co-founder of Oracle Corp., were among those who benefited from the surge. The market response is attributed to investor confidence that Trump’s policies will favour lower taxes and reduced regulation. The S&P 500 recorded a 2.5% increase, the highest post-election performance in its history. The US dollar also saw a rise, reinforcing the positive sentiment in the financial markets.
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Experts noted the impact of Trump’s return on financial markets. Samy Chaar, chief economist and CIO at Swiss financial group Lombard Odier, and Luca Bindelli, head of investment strategy, highlighted the expected boost in US financial assets, particularly equities and the dollar.
Apart from Musk, gains extended to key figures in the cryptocurrency industry. Brian Armstrong, co-founder and CEO of Coinbase Global Inc., saw his wealth increase by 30% to $11 billion. Changpeng Zhao, founder of Binance, also benefited significantly, adding $12.1 billion to his net worth, bringing his total to $52.7 billion.
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Bernard Arnault, chairman of LVMH, remains the only non-US billionaire in the top 10. The re-election of Trump has shown immediate effects on both traditional and digital financial sectors, reflecting widespread optimism for policy changes favouring the ultra-wealthy.
The billionaires’ wealth surge highlights how global financial elites are positioned to benefit from significant political shifts. The implications of Trump’s proposed economic agenda are expected to unfold in the coming months, affecting various sectors and potentially reshaping economic policy.
According to the Bloomberg Billionaires Index, here are the top 10 richest men in the world, country and industry as of Nov. 07 2024.
1. Elon Musk $290 bn — United States, Technology
2. Jeff Bezos $228 bn — United States, Technology
3. Mark Zuckerberg $202 bn — United States, Technology
4. Larry Ellison $193 bn — United States, Technology
5. Bernard Arnault $173 bn — France, Consumer
6. Bill Gates $159 bn — United States, Technology
7. Larry Page $158 — United States, Technology
8. Sergey Brin $149 bn — United States, Technology
9. Warren Buffett $148 bn — United States, Diversified
10. Steve Ballmer $146 bn — United States, Technology
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