Online Reporter
Among the world’s richest people, Warren Buffett is one of the rare few whose personal fortunes have grown this year after President Donald Trump’s tariffs triggered a selloff that erased trillions of dollars of value from global equities.
Buffett’s net worth has climbed $11.5 billion this year to $153.5 billion, according to the Bloomberg Billionaires Index. That’s despite a $14.5 billion decline since April 2, when the Omaha, Nebraska-based investor’s net worth reached its highest level in five years.
Buffett, 94, is now the world’s fourth-richest person and one of only two of the top 20 people on the list have added to their wealth this year. The other is L’Oreal SA heiress Francoise Bettencourt Meyers, who gained $1.8 billion and stands at No. 19 on Bloomberg’s ranking.
The world’s 500 richest people lost more than $500 billion in the two trading sessions that followed Trump’s announcement. Elon Musk, who remains the world’s richest person, lost $134.7 billion so far this year. His fortune fell to $297.8 billion on Monday, marking the first time his net worth has dropped below $300 billion since November.
Shares of Buffett’s Berkshire Hathaway have dropped 8.8 percent since April 2, compared with the 10.7 percent drop for the S&P 500.
The conglomerate’s comparatively strong performance reflects how the property and casualty sector remain relatively insulated from global trade.
It’s also likely that some investors anticipate that Buffett will jump on the rout to make a large purchase.
In recent quarters, he has shied away from major deals, instead slashing his stake in Apple Inc and trimming his holding of Bank of America Corp, two firms whose shares have declined by double-digits since Trump’s announcement. — Bloomberg
