World richest people lose $208 billion in a day after U.S. tariffs
Billionaires lose $208 billion in market rout sparked by tariffs
The world’s 500 wealthiest individuals collectively lost $208 billion on Thursday, marking one of the sharpest single-day wealth declines in recent history after President Donald Trump’s announcement of sweeping new tariffs rattled global financial markets.
The plunge, detailed in the Bloomberg Billionaires Index, is the fourth-largest daily drop since the index was created 13 years ago and the largest since the depths of the COVID-19 pandemic in 2020. The average billionaire lost 3.3% of their net worth, with U.S.-based billionaires suffering the brunt of the losses, reports Bloomberg.
Tech Titans See Massive Losses
Meta Platforms Inc. CEO Mark Zuckerberg saw the most significant decline, shedding $17.9 billion — about 9% of his fortune — as Meta shares fell 9%. Amazon.com Inc. founder Jeff Bezos followed closely, losing $15.9 billion as Amazon stock recorded its steepest fall since April 2022.
Elon Musk, CEO of Tesla and currently serving as Trump’s “efficiency czar,” lost $11 billion on the day. Musk has now seen his net worth fall by $110 billion in 2025 alone amid declining EV deliveries and political controversy. While Tesla is less exposed to foreign tariffs due to its U.S. manufacturing base, investor confidence continued to falter, with shares down 5.5%.
Other major losers included Shopify’s Tobi Lütke, whose company’s shares fell 20% on the Toronto exchange, wiping out $1.5 billion of his wealth, and Carvana CEO Ernest Garcia III, who lost $1.4 billion as his stock plummeted 20%.
Global Ripple Effects and Few Gainers
The new U.S. tariffs, which include a 25% duty on foreign-made passenger vehicles and nearly 150 types of auto parts, impacted luxury and export-oriented sectors globally. Bernard Arnault, chairman of LVMH, saw a $6 billion drop in his fortune as luxury stocks slid in Europe amid concerns over U.S. tariffs on EU goods.
However, a few billionaires escaped the rout. Mexican billionaire Carlos Slim saw a 4% gain in his net worth, thanks to a modest rally in Mexico’s stock market after the country was spared from the White House’s tariff targets. The Middle East was the only region to record overall wealth gains among billionaires.
As market volatility continues, investors are bracing for broader economic fallout from the protectionist shift in U.S. trade policy. With further tariffs on auto parts set to take effect by May 3, analysts expect ongoing pressure on multinational corporations and their high-net-worth stakeholders.
Additionally, the global economy faces rising uncertainty as U.S. President Donald Trump imposes broad import tariffs, including a 10% minimum on all goods and 20% on EU imports. China, Canada, and Taiwan have condemned the move, with Beijing vowing retaliation.
