- The wealth of the world’s top 10 richest people surged by over $63 billion USD in a single day following the U.S. presidential election.
- Elon Musk emerges as the biggest winner, adding $50 billion USD to his net worth.
- LVMH’s Bernard Arnault stands as the sole top-10 billionaire to see wealth decline.
In the high-stakes arena of American politics, the 2024 U.S. presidential election has proven to be more than just a political showdown—it’s become a wealth-generating phenomenon for the world’s elite. While the thousands of Americans who wager on election outcomes stood to possibly gain upwards of $450 million USD, the world’s wealthiest billionaires collectively amassed a staggering $63 billion USD ($95 AUD) in what quite arguably became one of the most profitable days in history.
Who Made the Most Money after Election Day?
It really is no shock to anyone that Tesla CEO and X owner Elon Musk came out as the biggest financial winner of this election. The outspoken billionaire, a vocal supporter of the now President-elect Donald Trump, didn’t only show up at Trump’s rallies and give more than $130 million USD to the campaign; he led a broad social media push that mobilised millions of Trump supporters.
Since the election, Musk’s fortune has surged by over $50 billion USD ($76 billion AUD) to an incredible $315 billion USD ($479 billion AUD). He added $14 billion USD on Monday alone as Tesla’s stock jumped more than 9%, pushing its valuation back over the $1 trillion mark.
Which Other Billionaires Gained Most from the Post-Election Rally?
Other top billionaires, including Warren Buffett, Larry Ellison, and Bill Gates, also saw an increase in their fortunes. Buffett was up 5.4% to $147.8 billion USD; Ellison jumped from $183 billion to a strong finish over $193 billion USD. Bezos added 3.2% to reach $230 billion USD, and Gates rose to $160 billion USD.
The billionaires’ gains were partly fuelled by a historic post-election market rally, with the S&P 500 jumping 2.5%-the biggest leap after any U.S. election. The cryptocurrency sector wasn’t left behind, with Changpeng Zhao of Binance and Brian Armstrong of Coinbase’s fortunes rising to $52 billion USD and $11 billion USD, respectively.
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Who Lost Out in the Billionaire Race After Election Day?
In stark contrast to American peers, LVMH CEO Bernard Arnault—the only non-U.S. based billionaire in the top 10—witnessed his fortune decline by 1.6% to $173 billion USD since elections.
The French luxury titan, who claimed the title of the world’s richest person in late 2019, early 2021, and again in 2023, saw a rather dramatic reversal of fortunes due to the sagging luxury market in 2024. Third-quarter sales at LVMH fell by 3%, while a stock drop of 7% in October saw almost $10 billion USD knocked off Arnault’s fortune.
What are the Challenges in the Luxury Sector?
The challenges for LVMH are multi-layered: the fashion and leather goods division, which includes top brands Louis Vuitton and Dior, posted sales that fell 5%, the first decline since 2020. Sales in China, the world’s largest market for luxury goods, slumped a sharp 14% in the second quarter due to an economic slowdown and crisis in the property market; even the U.S. market started to show some cooling signs to add to the overall decline of LVMH sales.
Even the company’s champagne sales, once a staple for luxury buyers, have suffered. LVMH Chief Financial Officer Jean-Jacques Guiony said in August 2024 that the current global market situation “doesn’t lead people to cheer up and to open bottles of champagne.”
Economic uncertainty, record-high inflation, and rising interest rates have cooled consumer enthusiasm for luxury goods. Other top luxury brands such as Gucci, Balenciaga, and Yves Saint Laurent are also registering their worst sales in seven years.
More Trouble on the Horizon?
Trump’s victory could spell further challenges for Arnault’s empire. Historical precedent shows cause for concern. In December 2019, Trump proposed to impose up to 100% tariffs on $2.4 billion USD of French imports, including luxury items like champagne and handbags. The mere announcement sent LVMH shares down 1.5%, costing Arnault $1.6 billion USD in market value.
For Arnault, who once stated, “As long as I’m not the richest man in the world, I won’t really be happy,” the path back to the top becomes increasingly difficult. With $140 billion USD separating him from Musk-and analysts seeing Tesla CEO as a crucial partner for America’s new government—the luxury titan’s dream of reclaiming the world’s wealthiest title appears to be slipping further from reach.
