The wealth of the world's ten richest individuals collectively surged by a record $63.5 billion following Republican Donald Trump's victory in the US presidential election, Report informs via Bloomberg.
This marks the largest single-day increase since the agency began tracking the Billionaires Index in 2012. Elon Musk, the world's wealthiest person, emerged as the biggest beneficiary, with his fortune soaring by 10.1% ($26.5 billion) to reach $290.3 billion. Amazon founder Jeff Bezos, ranked second, saw his wealth grow by 3.2% ($7.14 billion), while Oracle Corporation's Larry Ellison experienced a 5.4% ($9.88 billion) boost.
Other indirect winners from Trump's success included Microsoft's Bill Gates and Steve Ballmer, Google's Larry Page and Sergey Brin, Berkshire Hathaway's Warren Buffett, and cryptocurrency exchange leaders Brian Armstrong and Changpeng Zhao. Bloomberg attributes the sharp rise in billionaires' wealth to surging US stock prices, driven by expectations that Trump's White House entry will lead to lower taxes and relaxed financial regulations.
As news of Trump's victory spread, the dollar began to strengthen, and the S&P 500 index jumped 2.5%.