Global markets were thrown into turmoil after U.S. President Donald Trump announced sweeping reciprocal tariffs on Wednesday, causing a massive $208 billion plunge in the combined wealth of the world’s richest individuals by Thursday.
Africa’s richest man, Aliko Dangote, was among those affected, experiencing a $14.5 million drop in his wealth, according to Bloomberg.
This represents approximately 0.05% of his total wealth of $28.1 billion.
The impact of Trump’s tariffs reverberated across global equity markets, with the latest losses marking the fourth-largest one-day decline in the Bloomberg Billionaires Index’s 13-year history.
It is also the largest wealth wipeout since the economic uncertainty witnessed during the peak of the COVID-19 pandemic.
Wealthiest Individuals Hit Hard
More than half of the billionaires tracked by the Bloomberg Wealth Index witnessed declines, averaging 3.3%.
U.S. billionaires faced the most significant losses, with tech magnates Mark Zuckerberg and Jeff Bezos leading the pack.
- Mark Zuckerberg: The Meta CEO endured the largest loss in dollar terms, with the social media giant’s 9% slide eroding $17.9 billion from his fortune, representing a 9% drop in net worth.
- Jeff Bezos: Shares of Amazon.com plunged 9%, costing Bezos $15.9 billion in personal wealth. The tech company’s stock is now down over 25% since peaking in February.
- Elon Musk: The Tesla CEO, already facing challenges from lagging deliveries and controversy over his role as Trump’s efficiency czar, lost $11 billion on Thursday alone. Musk’s total losses for the year now exceed $110 billion.
- Ernest Garcia III: The CEO of Carvana Co., saw his wealth drop by $1.4 billion after the used car company’s stock fell 20%.
- Tobi Lutke (Shopify): The Canadian e-commerce giant’s CEO lost $1.5 billion, or 17% of his fortune, as Shopify shares fell 20%.
- Bernard Arnault (LVMH): Europe’s richest man and head of LVMH lost $6 billion, as shares of the luxury conglomerate tumbled in Paris.
What you should know
While most regions felt the sting of the tariffs, the Middle East stood out as the only region where those on Bloomberg’s wealth index posted net gains.
- The tariffs, which include levies of up to 50%, have reshaped global trade and rattled investors with their far-reaching implications.
- The losses have highlighted the challenges facing businesses dependent on international supply chains. Many companies, including those based in China, are exploring alternatives such as shifting production to neighboring Asian economies to sidestep tariffs.
As global markets attempt to adjust to Trump’s tariff measures, the sharp declines in wealth among the world’s elite signal a period of uncertainty and volatility ahead.
The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. The figures are updated at the close of every trading day in New York.