New Delhi: The combined net worth of the world’s richest people has skyrocketed to an unbelievable amount due to Donald Trump’s victory in his re-election. The ten richest individuals had their collective net worth shoot up to about $64 billion as a result of his victory, marking the biggest one-day gain ever recorded by the Bloomberg Billionaires Index since its launch in 2012.
Tesla’s CEO Elon Musk is the richest man on earth and saw his coffers increase by $26.5 billion. The reasons for this were largely a huge hike in the stock prices of Tesla following the win of Trump, surging 15%. Other super-rich tycoons like Jeff Bezos of Amazon and Larry Ellison of Oracle also enriched themselves.
That is, the growth of these billionaires’ wealth is tremendous and historic. It is clear that political events were somehow able to trigger fast changes in the wealth of the ultra-rich, particularly to those industries closely tied to government policies and economy.
Despite the victory, Trump’s campaign results suggest that his policies would tend to favor big companies and wealthy individuals and make the wealth gap bigger. Several debates have been put forward on economic inequality and concentration of wealth to a handful of people in society and the long-run effects of such concentration.
