And how their fortunes have changed since Trump’s election
Since Election Day, the stock market has jumped 11 percent, growing the net worth of Americans with 401(k)s and other investments. Some of the world’s richest people have not fared quite as well.
Four of the 20 richest billionaires have seen their net worth decline since Donald Trump’s unexpected presidential win, led by Mexican mogul Carlos Slim, according to an analysis of the Bloomberg Billionaires Index. Slim’s fortune has dwindled by more than $3 billion, or 6 percent of the $54.9 billion net worth he had on Election Day. Slim has also slipped one notch on the list of the world’s richest people, dropping from fifth to sixth.
The other billionaire losers, according to the Bloomberg index, include Charles and David Koch, Republican mega-donors who refused to endorse Trump during the campaign. The elder of the two, Charles, famously said that choosing between Hillary Clinton and Trump was like choosing between cancer and a heart attack. The brothers also publicly condemned Trump’s first travel ban in January.
Each of the brothers had $48 billion to their name as of March 14, down 5 percent since Nov. 8, when their fortunes measured $50.5 billion apiece.
Amancio Ortega — the Spanish owner of Zara stores — has seen his fortune shrink by 5.5 percent to $68.7 billion from $72.7 billion, enough to knock him from the No. 2 spot down to No. 4.
The biggest gainer since the election is Warren Buffett, who was an ardent Hillary Clinton supporter and fundraiser. His fortune grew by 18.3 percent, from $66.5 billion to $78.7 billion. He moved up two spots in Bloomberg’s ranking to No. 2 on the list. Last summer, Buffett famously challenged Trump to release his tax returns and denounced Trump’s criticisms of Khizr Khan, the Muslim father of an Army captain killed in Iraq. But after the election, Buffett tempered his stance on Trump and said in an interview that the newly elected president won’t wreck the economy or stock market.
|Rank||Election day rank||Billionaire||Election Day net worth (in billions)||Net worth as of 3/8/17 (in billions)||% change|
Source: Bloomberg Billionaires Index
The other biggest winners include Bernard Arnault, the chief executive of LVMH Moet Hennessy Louis Vuitton, who in January met Trump and told him he was considering expanding two U.S. factories. Arnault’s net worth has increased 12.7 percent to more than $41 billion.
Facebook founder Mark Zuckerberg, Microsoft founder Bill Gates and Amazon founder Jeff Bezos round out the top five net worth increases since the presidential election. Bezos and Trump have had a contentious relationship, especially during the campaign. Trump at one point said that Amazon would “have problems” if he became president. And Bezos came out publicly in opposition to the president’s travel ban. Yet Amazon shares have gained more than 8 percent since the election, helping Bezos gain more than $5 billion in wealth.
The Bloomberg Billionaires Index is updated each business day after trading closes in New York.