The 2020 US election wasn’t just a political spectacle; it was a financial windfall for several of the world’s richest individuals. While Donald Trump’s victory resonated across the globe, eight of the nine Americans on the Bloomberg Billionaires Index’s Top 10 list saw their fortunes skyrocket, with a combined wealth surge of a staggering $63.5 billion. This unprecedented increase in wealth underscores the intricate relationship between politics and the global economy.
Elon Musk, the visionary behind Tesla and SpaceX, emerged as the biggest winner, with his wealth soaring by an astounding $26.5 billion. Musk, a vocal supporter of Trump, is likely to have benefited from the President’s policies and promises, particularly those related to space exploration and technology.
Jeff Bezos, the mastermind behind Amazon, also saw his wealth climb by a significant $7.14 billion, taking his net worth to a remarkable $228 billion. This gain came amidst Bezos’s defense of the Washington Post’s decision to withhold an endorsement of Vice President Kamala Harris.
Larry Ellison, the co-founder of Oracle and another vocal Trump supporter, witnessed a substantial increase in his net worth, reaching $193 billion – an increase of approximately $10 billion. This surge reflects the potential positive impact of Trump’s policies on the technology sector.
Other prominent billionaires who experienced substantial gains include Bill Gates, the Microsoft co-founder, whose wealth grew by $1.82 billion to a staggering $159 billion. Larry Page, the former Alphabet CEO and Google co-founder, and Sergey Brin, his co-founder, also saw their fortunes rise by $5.53 billion and $5.17 billion, respectively.
Warren Buffett, the legendary investor and CEO of Berkshire Hathaway, experienced a $7.58 billion increase in his net worth, bringing it to $148 billion. Steve Ballmer, the former CEO of Microsoft, also saw a significant gain, with his wealth rising by $2.81 billion to $146 billion.
It’s worth noting that while the majority of these billionaires experienced a surge in their wealth, Facebook CEO Mark Zuckerberg and French businessman Bernard Arnault saw their fortunes decline. Zuckerberg’s net worth slumped by $80.9 million to $202 billion, while Arnault’s net worth decreased by $2.8 billion.
The collective gains of the Top 10 richest individuals, minus the losses experienced by Zuckerberg and Arnault, amounted to a remarkable $63.5 billion. This unprecedented surge highlights the intertwined nature of politics and the global economy, with specific policies and political figures having a direct impact on the fortunes of the world’s most wealthy.
While Elon Musk actively supported Trump, other billionaires like Bill Gates, Steve Ballmer, Larry Page, Sergey Brin, and Warren Buffett didn’t publicly endorse a candidate in this election. However, they have historically voiced support for Democratic candidates and causes.
The 2020 US election has undoubtedly brought about significant changes, not only in the political landscape but also in the financial world. The surge in wealth experienced by several billionaires, particularly those with ties to the Trump administration, underscores the intricate connections between politics and finance, shaping the destinies of both nations and individuals.
