After Donald Trump’s victory in the 2024 presidential election, the world’s wealthiest individuals saw substantial increases in their fortunes, with the 10 richest people on the planet collectively gaining a staggering $63.5 billion in just one day. This surge, a record high for a single day, was reported by Bloomberg. Leading the pack was Elon Musk, a prominent Trump supporter, whose wealth rose by 10.1%, bringing his net worth to $290.3 billion. The top 10 richest individuals are predominantly U.S.-based, with only one exception—Bernard Arnault, the founder of LVMH. Arnault’s fortune, however, saw a slight dip of 1.6%, dropping to $173.2 billion.
The boost in wealth is largely attributed to the market’s strong performance following the election results. Samy Chaar and Luca Bindelli of the Lombard Odier Group told their clients that U.S. financial assets, particularly stocks and the U.S. dollar, were expected to benefit. According to Bloomberg, the S&P 500 saw an impressive 2.5% rise, marking its highest post-election gain in history. Additionally, the U.S. dollar strengthened, and shares of Musk’s Tesla surged by 15%. These increases are driven by the expectation that Trump’s policies will include lower taxes and fewer regulations, which would be beneficial for businesses and investors.
Among the other top 10 billionaires, Larry Ellison and Warren Buffett saw notable gains, with their fortunes growing by 5.4%. Ellison’s net worth reached $193.5 billion, while Buffett’s increased to $147.8 billion. Founders of Google, Larry Page and Sergey Brin, also experienced a 3.6% increase, bringing their net worths to $158.3 billion and $149.1 billion, respectively. Jeff Bezos’ fortune rose by 3.2%, bringing him to $228.3 billion. Steve Ballmer and Bill Gates saw more modest increases of 2% and 1.2%, respectively, with Ballmer’s wealth reaching $145.9 billion and Gates’ totaling $159.5 billion.
The impact of Trump’s election win was not limited to the traditional tech and business elite. Crypto billionaires also saw significant wealth gains. Brian Armstrong, the CEO and cofounder of Coinbase, saw his net worth soar by 30%, bringing it to $11 billion. Similarly, Changpeng Zhao, the founder of Binance, added $12.1 billion to his fortune, pushing his total wealth to $52.7 billion.
Ahead of the election, a survey suggested that Americans believed wealth would increase regardless of whether Trump or Kamala Harris emerged victorious. While the long-term effects of a Trump presidency on the overall U.S. economy remain uncertain, it is already evident that, in the short term, the world’s wealthiest individuals are benefiting from the shift in political leadership. The immediate rise in stock prices, the strength of the dollar, and the surges in wealth among billionaires all point to a favorable market reaction to Trump’s return to the White House.
