The world’s 500 richest people saw their combined wealth plummet $208 billion (around R3.97 trillion) at the weekend after President Trump’s proclamation of sweeping new tariffs sent global markets nosediving.
The drop was the fourth-largest single-day decline in the history of Bloomberg’s billionaire index and the largest collapse since the Covid-19 pandemic, when Trump was also in the White House.
South African-born Trump advisor Elon Musk lost $11bn on the 3 April announcement, while he has lost a helse $110bn since joining the administration on 20 January.