A major shakeup hit the global financial world after U.S. President Donald Trump announced new reciprocal tariffs on Wednesday.

By Thursday, the news had caused a combined $208 billion drop in the fortunes of the world’s richest people, according to Bloomberg.

Aliko Dangote, Africa’s richest man, was not left out. He lost $14.5 million from his wealth in just one day.

This drop represents about 0.05% of his total net worth, which stands at $28.1 billion.

This sharp loss is one of the biggest in the 13-year history of the Bloomberg Billionaires Index.

It is also the largest single-day wealth drop since the height of the COVID-19 pandemic, a period marked by extreme financial uncertainty.

Over half of the billionaires tracked by Bloomberg’s index saw their fortunes shrink, with average losses around 3.3%.

The most affected were U.S.-based billionaires, especially in the tech sector.

Meta CEO Mark Zuckerberg lost the most in dollar terms. A 9% fall in Meta’s stock took $17.9 billion from his fortune, also a 9% drop in his net worth.

Amazon founder Jeff Bezos lost $15.9 billion after Amazon shares fell by the same percentage.

That company’s stock is now more than 25% lower than its peak in February.

Tesla CEO Elon Musk lost $11 billion on Thursday alone.

This adds to his losses for the year, which now exceed $110 billion.

Musk is also under pressure due to weak delivery numbers at Tesla and his role as Trump’s efficiency czar.

Other notable losses include Ernest Garcia III, CEO of Carvana, who lost $1.4 billion after the company’s shares fell 20%.

Shopify’s CEO Tobi Lutke saw his wealth drop by $1.5 billion, or 17%, due to a similar decline in stock value.

Bernard Arnault, Europe’s richest man and head of luxury brand LVMH, lost $6 billion after shares in his company dropped sharply in Paris.

Interestingly, the Middle East was the only region where individuals on Bloomberg’s index saw their fortunes increase.

Everywhere else, the new tariffs, some reaching as high as 50%, have created uncertainty in the market, shaking up trade and causing big investors to pull back.

Many businesses that rely on global supply chains are now thinking of shifting production to other parts of Asia to avoid the harsh effects of these tariffs.

As markets try to adjust to the new rules, the huge losses seen this week suggest a period of instability and caution is likely ahead.

Bloomberg’s Billionaires Index updates daily after the close of trading in New York, giving a real-time picture of how global events like Trump’s tariff moves are affecting the world’s richest people, including African leaders like Dangote.