The total net assets of global billionaires increased by $304 billion (approximately 13,617 billion Malaysian Ringgit) on the 9th, marking the largest single-day gain in the history of the Bloomberg Billionaires Index, with Tesla founder Elon Musk emerging as the biggest winner.
After Trump announced a 90-day pause on the imposition of additional tariffs on countries other than China, the S&P 500 index recorded its largest gain since 2008, reversing significant declines from prior days and boosting the wealth of the world's 500 richest individuals by an average of 3.5%.
Just days earlier, Trump's announcement of widespread tariffs had led to a market crash. The proposed scope of the tariffs exceeded most analysts' expectations and resulted in a significant decrease in the wealth of the affluent.
The total wealth increase on the 9th surpassed the previous record of $233 billion in March 2022, when Federal Reserve Chairman Powell raised interest rates for the first time in years but assured investors that the economy remained strong.
The biggest individual winner on the 9th was Tesla founder Musk, whose wealth increased by $36 billion due to a 23% rise in the electric car manufacturer's stock. He was followed by Meta Platforms' Zuckerberg, whose wealth increased by nearly $26 billion.
Nvidia's Jensen Huang saw his wealth increase by $15.5 billion as the chip manufacturer's stock rebounded by 19%.