The combined net worth of the world's richest people increased by a record $304 billion, amid a sharp rise in stock markets after US President Donald Trump promised to suspend the introduction of tariffs. This is reported by Bloomberg, writes UNN.
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According to the media, the S&P 500 index rose by the largest percentage since 2008, offsetting the sharp losses of the last few days. Thanks to this, the average increase in the wealth of the 500 richest people in the world was 3.5%. The Nasdaq Composite Index also showed the maximum jump in more than 24 years.
This record increase in wealth occurred after a market crash last week following Trump's announcement of new tariffs. The scale of the proposed duties exceeded the expectations of most analysts and led to the largest wealth losses since the Bloomberg Index began in 2013.
The total increase in wealth on Wednesday broke the previous record of $233 billion, set in March 2022, after Federal Reserve Chairman Jerome Powell raised rates for the first time in many years, but assured investors that the economy remained stable.
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The largest individual gain on Wednesday was received by Tesla CEO Elon Musk, who increased his fortune by $36 billion, due to the fact that shares of the electric car manufacturer rose by 23%. He is followed by Mark Zuckerberg from Meta, who increased his fortune by almost $26 billion. Jensen Huang of Nvidia increased his fortune by $15.5 billion, as shares of the chipmaker rose by 19%, which almost offset the 13% drop in the week before trading closed on Tuesday.
Ernest Garcia III, CEO of Carvana, was the biggest winner of the day in percentage terms: his fortune increased by 25%, as a sharp increase in shares of the used car retailer increased his fortune by $1.4 billion.
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This positive trend continued in Asian markets. Masayoshi Son, chairman of SoftBank, increased his fortune by $1.7 billion, and the fortune of Zhou Qunfei, China's second richest woman, increased by 14.3% to $9.5 billion.
Trading continued on a positive note on Thursday, and companies such as Uniqlo and Huali Industrial Group also recorded a significant increase in their shares, which added to the wealth of their founders.