The recent victory of Donald Trump in the US elections has had a notable impact on the fortunes of several African billionaires, reflecting broader economic trends triggered by his administration’s policies. Following his election, the Bloomberg Billionaires Index indicated that many individuals worldwide, including some from Africa, experienced fluctuations in their net worths. Read also: Trump’s re-election drives $64 bn surge for world’s top 10 richest people In the aftermath of the elections, the financial landscape for African billionaires was mixed.
While some recorded gains, others faced declines in their fortunes. The overall trend among the world’s wealthiest individuals saw a significant increase, with the top ten billionaires collectively gaining approximately $64 billion on a single day, marking the largest daily increase since the index’s inception in 2012. Notably, Elon Musk led this surge with an addition of $26.
5 billion to his wealth, bringing his total net worth to $290 billion. Trump’s return to power raises questions about his administration’s approach to Africa. Historically, his policies have focused on promoting US trade interests while countering China’s influence on the continent.
His administration’s “Prosper Africa” initiative aimed to bolster US investments in Africa, supporting American businesses looking to engage with African markets. This initiative has reportedly facilitated over $10 billion in investments since its incep.
