The combined wealth of the world?s 500 wealthiest individuals decreased by $208 billion on Thursday following US President Donald Trump?s announcement of broad tariffs, causing global markets to decline sharply.

This represents the fourth-largest single-day reduction in the Bloomberg Billionaires Index since its inception 13 years ago, surpassed only by declines during the peak of the Covid-19 crisis.

The wealth Index showed that over 50 per cent of tracked billionaires experienced financial losses, with an average decrease of 3.3%. American billionaires were particularly affected, with Meta Platforms Inc.?s Mark Zuckerberg and Amazon Inc.?s Jeff Bezos experiencing significant losses.

Carlos Slim of Mexico was amongst the few non-US billionaires who remained unaffected by the tariffs. Meanwhile, the Mexican Bolsa increased by 0.5% after Mexico?s exclusion from reciprocal tariff targets, increasing Slim?s net worth by approximately 4% to $85.5 billion. The Middle East remained the sole region where Bloomberg-tracked billionaires recorded positive gains.

Notable losses for the day

*Mark Zuckerberg experienced the largest loss, with Meta?s 9% decline reducing his wealth by $17.9 billion. Meta had previously led the 'Magnificent Seven' tech stocks from January through mid-February, gaining over $350 billion in market value, before shares declined 28 per cent since mid-February.

*Amazon?s 9 per cent decline, its largest since April 2022, reduced Jeff Bezos?s personal wealth by $15.9 billion. The company?s shares have declined over 25 per cent from February?s peak.

*Tesla CEO Elon Musk?s wealth decreased by $11 billion on Thursday, contributing to a $110 billion reduction this year. Despite initial optimism about Tesla?s US manufacturing base and reports of Musk?s potential government work reduction, shares fell 5.5 per cent following the tariff announcement.

*Carvana Co CEO Ernest Garcia III?s wealth reduced by $1.4 billion as shares dropped 20 per cent. The company?s stock had previously increased over 425 per cent in the year through February 14, before declining 36 per cent.

*Shopify?s co-founder and CEO Tobi Lutke lost $1.5 billion as shares fell 20per cent in Toronto.

*LVMH?s Bernard Arnault?s wealth decreased by $6 billion following anticipated 20 per cent EU tariffs.

?Huali Industrial Group Co. founder Zhang Congyuan?s fortune decreased by $1.2 billion following Trump?s additional 34 per cent tariff on China.

Major footwear manufacturers including Nike Inc., Lululemon Athletica Inc. and Adidas AG also experienced double-digit declines.

Global stock markets plunged as investors reacted to US President Donald Trump?s latest tariffs and China?s retaliatory measures. Wall Street faced heavy losses, with S&P 500 futures down 3.6%, the Dow Jones Industrial Average falling 3.4% below 40,000, and Nasdaq futures tumbling 4%. Thursday had already seen the worst U.S. market decline in five years, with losses between 4% and 6%.

European markets fared even worse?Germany?s DAX dropped 5%, France?s CAC 40 fell 4.2%, and Britain?s FTSE 100 lost 3.8%. Asian markets were hit as well, with Japan?s Nikkei 225 down 2.8% and South Korea?s Kospi falling 0.9%.

Major companies exposed to China?s tariffs suffered sharp premarket declines, including Boeing (-6%) and Deere & Co. (-4.7%). Tech stocks were also hit hard, with Apple down 4.7%. Energy stocks slumped as oil prices plummeted 8%, bringing U.S. crude to its lowest level since 2021. Exxon Mobil and Chevron both lost around 4%.

China?s response included a 34% tariff on U.S. imports and tighter export controls on rare earths. This escalation has fueled concerns of a global slowdown, with economists warning of a potential 2% hit to US economic growth and inflation nearing 5%. Treasury yields dropped sharply as investors anticipated rate cuts to counter economic risks. (The Times of India: Text, Excluding Headline )

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