Despite the market turmoil unleashed by Donald Trump's new tariffs, Warren Buffett has emerged as a rare exception among the world's richest people, managing to grow his fortune, Bloomberg reports.
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Buffett's Resilience
Buffett has added $11.5 billion to his net worth this year, bringing it to $153.5 billion, according to the Bloomberg Billionaires Index. Although he has lost $14.5 billion since April 2, when his wealth hit a five-year peak, Buffett still holds onto the fourth spot in the world rankings. In the top 20, only he and L'Oreal's Francoise Bettencourt-Meyers (who added $1.8 billion) were able to boast gains.
Contrast with competitors
Meanwhile, other billionaires were drowning in losses: The world’s 500 richest people lost more than $500 billion in the two days after the tariffs were announced. Elon Musk was hit the hardest, with his fortune falling by $134.7 billion, falling below $300 billion for the first time since November.
Why Buffett is holding on
Shares of Buffett's Berkshire Hathaway have fallen 8.8% since April 2, a softer decline than the 10.7% for the S&P 500. The resilience is attributed to the nature of the business: Berkshire's property and casualty insurance business is less susceptible to global trade storms. Investors are also hoping that Buffett will use the crisis to make smart purchases, although he has been selling more recently, including cutting stakes in Apple and Bank of America, whose shares have depreciated significantly.
Buffett proves once again that he can swim against the current when markets are in a panic.
- Stock market