In the wake of the recent U.S. presidential election, some of the world’s richest people see green as their fortunes grow even larger. According to Bloomberg’s Billionaires Index, the wealth of tech tycoons and financial behemoths like Jeff Bezos, Jensen Huang, Warren Buffett and Elon Musk has increased by an astounding $46 billion. The stock market is celebrating following the election results and the wealth of these billionaires is certainly along for the ride.
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The world’s richest man, Elon Musk, had the most spectacular day, as his net worth increased by $26.5 billion in a single day. He currently has an incredible net worth of $290 billion. As investors anticipate business-friendly measures from the administration’s second term, Musk appears to be riding a wave of market optimism.
Amazon founder Jeff Bezos, the second-richest person, saw his wealth climbing by $7.1 billion shortly after he refrained from having the Washington Post endorse Vice President Kamala Harris during the campaign. It seems like even silence can be golden when it comes to timing in politics and business.
The market surge also helped Nvidia CEO Jensen Huang make $4.8 billion. Despite not endorsing any politician, Huang has had a successful year overall, with his fortune growing by billions thanks to Nvidia’s rapid expansion.
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Warren Buffett, the CEO of Berkshire Hathaway, added another $7.6 billion to his already massive fortune. His wealth has increased steadily this year, despite not endorsing anyone. According to Bloomberg, his overall net worth has reached an astounding $148 billion.
In 2016, Buffett famously endorsed Hillary Rodham Clinton and in 2020, he didn’t stand behind any candidate.
In 2024, he has also been a cautious seller, most notably selling off more than $100 billion of Berkshire’s biggest asset, Apple, to take advantage of the tech giant’s valuation and lessen exposure. He also reduced Berkshire’s stake in Bank of America below the 10% ownership threshold, possibly anticipating lower interest rates. Interestingly, Berkshire Hathaway has returned 22.02% this year despite Buffett’s cautious approach.
Buffett has a distinct advantage over the market thanks to his experience in the insurance sector and his enormous holdings of U.S. Treasury notes, currently at a record $288 billion, $93 billion more than the Fed.
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Why All the Wealth Gains?
So why is the wealth of these billionaires increasing so rapidly? Expectations of deregulation and other pro-business measures that could help big businesses propelled the financial markets’ early postelection rally.
Bloomberg called it the “biggest daily increase” in wealth since the index started tracking billionaires in 2012. Investors are placing significant bets on what they perceive to be a more favorable economic environment, which may result in lower taxes and less regulation for large corporations.
Altogether, the world’s 10 richest people saw their fortunes increase by an incredible $64 billion.
Trump’s Media Gains
Trump’s own company saw a boost as well. Trump Media & Technology Group, which runs Truth Social, saw its stock price shoot up by 35% at one point during the day before plummeting again. That jump briefly raised Trump’s stake in the company from $3.9 billion to $5.3 billion.
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