2024 US Elections Result: How Did Trump’s Victory Boost the Wealth of the Top 10 Richest by $64B?

The wealth of the world’s ten richest individuals saw an unprecedented spike following Donald Trump’s victory in the 2024 presidential election, marking the largest daily increase in the history of the Bloomberg Billionaires Index.

A Historic Surge in Wealth

On Wednesday, the ten wealthiest people globally collectively gained nearly $64 billion, a staggering jump that represents the biggest one-day boost since the index was established in 2012. This windfall came as investors reacted to the anticipation of Trump’s pro-business, low-tax policies.

Elon Musk Leads the Way

Elon Musk, the world’s richest person, saw the most significant boost, with an increase of $26.5 billion, bringing his total fortune to a massive $290 billion. Musk, who has been a vocal supporter of Trump, benefited from a sharp rise in Tesla’s stock price. As the CEO and a 13% stakeholder in Tesla, Musk’s wealth surged with the company’s market performance.

Tech Giants See Gains

Several other tech moguls also enjoyed substantial increases in their net worth. Jeff Bezos, founder of Amazon and the world’s second-richest individual, added $7 billion to his fortune, which now approaches $230 billion. Larry Ellison, Oracle’s chair and a long-time Republican backer, saw his wealth rise by $9 billion, bringing his total to $193 billion.

Other prominent figures in the top 10 include Bill Gates, co-founder of Microsoft, former CEO Steve Ballmer, and Google co-founders Larry Page and Sergey Brin. Their fortunes grew as investors responded to the election outcome, expecting a favorable environment for business and technology.

A Boost From Optimism in US Markets

The gains came amidst a broader surge in US stocks, as market participants hoped for a more business-friendly administration under Trump. With the promise of reduced taxes and fewer regulations, many in the tech sector found themselves among the key beneficiaries of this economic optimism.