The wealth of the world's richest people increased by $304 billion yesterday, according to Bloomberg. This is the largest one-day gain in the history of the Bloomberg Billionaires Index. Such a jump occurred amid a rapid rise in stock markets following Donald Trump's announcement of a suspension of tariffs for a number of trading partners.

The S&P 500 index showed the strongest daily gain since 2008 after Trump's announcement, partially offsetting recent declines and adding an average of 3.5% to the wealth of the 500 richest people in the world. Nasdaq also sharply recovered, showing the largest one-day gain in more than 24 years.

The previous record for the daily increase in billionaire wealth was set in March 2022 due to the first rate hike by the Fed in many years.

The leader in daily wealth increase was Tesla CEO Elon Musk. The company's stock rose by 23% yesterday, earning him $36 billion.