Ever wondered why the richest folks keep getting richer? Here’s a recent twist: according to Bloomberg, the world’s top 10 wealthiest individuals saw their net worth shoot up by a jaw-dropping $64 billion after Donald Trump’s election victory. Yep, you read that right.
When Trump clinched the win, stocks soared, especially for tech. And why? Because Trump’s policies favor low taxes and minimal regulation, creating a perfect storm for those already at the top. Dan Milmo at The Guardian noted that much of the gain came from this “MAGA trade” (Make America Great Again) as investors flocked to U.S. stocks.
But who were the biggest winners? Let’s break it down the SiMPL way!.
The Top 10 Wealthiest and How Much They Made
1. Elon Musk: The Tesla titan’s fortune jumped by a staggering $26.5 billion, bringing him to a record $290 billion. Musk’s vocal support for Trump’s reelection didn’t hurt—Tesla stocks soared, making him the largest beneficiary of this election rally.
2. Jeff Bezos: Amazon’s former CEO may have stepped back, but his bank balance sure didn’t. Bezos added $7 billion, now sitting at a cool $228.3 billion. Maybe he’s not in the office, but his influence is definitely still there.
3. Mark Zuckerberg: Though Meta’s chief barely saw a change, staying at $202.5 billion, Zuck’s wealth remains enormous. Despite a slight dip, he’s still holding his place as one of the wealthiest.
4. Larry Ellison: The Oracle co-founder and Trump supporter added nearly $10 billion, reaching $193.5 billion. Looks like betting on his preferred candidate worked wonders.
5. Bernard Arnault: Interestingly, not all of the world’s richest gained. France’s luxury mogul lost nearly $3 billion, now down to $173.2 billion, possibly due to luxury market volatility post-election.
6. Bill Gates: Microsoft’s co-founder and noted philanthropist saw a 1.2% boost, landing at $159.5 billion. A modest increase, but still enough to make a difference.
7. Larry Page & 8. Sergey Brin: Google’s co-founders both saw about a 3.6% rise, thanks to Alphabet’s stock price rally, bringing them to $158.3 billion and $149.1 billion, respectively. Though Trump has clashed with Google, the company still thrived.
8. Warren Buffett: The Oracle of Omaha earned a neat $147.8 billion after a 5.4% gain. He may not be a fan of Trump, but his stocks sure enjoyed the boost.
9. Steve Ballmer: Microsoft’s former CEO closed out the top 10 with a 2% rise, hitting $145.9 billion. His portfolio’s growth is largely thanks to the general surge in tech stocks.
Why the Surge?
According to Bloomberg, the main reason is the market’s expectation of a lower tax, deregulation-friendly environment under Trump. Neil Wilson of the broker Finalto highlighted that investors were relieved to see a clear, uncontested result.
It’s no secret that many tech CEOs and companies have clashed with Kamala Harris’s administration over regulatory issues, particularly around anti-competitive practices. The Federal Trade Commission, led by Lina Khan, pushed hard for tech regulation, and tech giants like Amazon and Meta responded by backing Trump. Now, with the promise of relaxed policies, these companies and their leaders are reaping the benefits.
What Does This Mean for the Future?
This $64 billion windfall shines a light on the continuing concentration of wealth in the hands of a few. Even as markets see record highs, the wealth gap continues to widen. For now, these top billionaires are basking in their gains, and we’re left to wonder: how will this wealth shift affect tech innovation, policy, and society as a whole?
Sources:
•Dan Milmo, The Guardian
•Bloomberg Billionaires Index