Wednesday’s total wealth gain beat the previous record of US$233 billion set in March 2022
[NEW YORK] The world’s wealthiest people added US$304 billion to their combined net worth on Wednesday (Apr 9) – the largest one-day gain in the history of the Bloomberg Billionaires Index – as stock markets soared after US President Donald Trump pledged to pause tariffs on some trading partners.
The S&P 500 Index jumped the most since 2008 following Trump’s surprise mid-day announcement, reversing steep losses over the past few days and boosting the fortunes of the world’s 500 richest people by an average 3.5 per cent. The Nasdaq Composite Index also rebounded, climbing the most in more than 24 years.
The record day comes on the heels of last week’s market meltdown following Trump’s tariff announcement.
The breadth of the proposed levies exceeded most analysts’ expectations and delivered the biggest wealth losses since Bloomberg began its index in 2013. Gains continued into Asia trading hours on Thursday as the region’s stocks posted their biggest jump in more than two years.
Wednesday’s total wealth gain beat the previous record of US$233 billion set in March 2022, after US Federal Reserve chair Jerome Powell raised rates for the first time in years but reassured investors that the economy remained resilient.
The largest individual gainer on Wednesday was Tesla CEO Elon Musk, who added US$36 billion to his fortune as the electric vehicle manufacturer’s stock jumped 23 per cent, followed by Meta Platforms’ Mark Zuckerberg, who gained almost US$26 billion.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Nvidia’s Jensen Huang saw his wealth rise US$15.5 billion as the chipmaker’s shares rebounded 19 per cent, nearly offsetting its 13 per cent decline in the week to Tuesday’s close.
Ernest Garcia III, the CEO of Carvana, was the day’s biggest winner on a percentage basis: His fortune increased 25 per cent as the used-car retailer’s stock surge padded his wealth by US$1.4 billion.
In Thursday morning trading, billionaires in Asia added to the rebound. SoftBank Group chairman Masayoshi Son added US$1.7 billion to his fortune which stood at US$11.7 billion. China’s second richest woman Zhou Qunfei’s fortune surged 14.3 per cent to US$9.5 billion.
Among other top gainers, Uniqlo’s Tadashi Yanai gained US$3.5 billion as his fortune rose to US$47 billion. Footwear maker Huali Industrial Group’s chairman Zhang Congyuan saw his wealth surge 12.9 per cent to US$8 billion. BLOOMBERG
Share with us your feedback on BT’s products and services
