Ruchir Sharma on why billionaires support ‘crazy capitalist’ Donald Trump

Investor and author Ruchir Sharma offered a candid analysis of billionaire support for US President-elect Donald Trump. He reflected on conversations with prominent financial elites that revealed deep-rooted sentiments toward Trump’s economic policies.
Speaking with India Today’s News Director Rahul Kanwal, Sharma shared a quote that he believes captures the mindset among many high-profile investors. The quote, from a well-known investment banker, summed up what Sharma considers a defining attitude: “I would rather vote for a crazy capitalist than an organised socialist.”
According to Sharma, this line illuminates why influential financiers chose to back Trump in the election despite his unpredictability.
“Trump is totally unpredictable, he’s over the top,” Sharma quoted the banker.
However, Sharma noted that even though people are aware of Trump’s “eccentricities and craziness”, he is seen as the capitalist choice because he talks about deregulation, lowering taxes, and avoids targeting businesses generically, as the Biden administration did.
Ruchir Sharma noted that Trump’s ideas resonated with influential elites in key financial hubs, including New York.
He also spoke on Elon Musk’s role in Trump’s support base, dismissing conspiratorial views but acknowledging Musk’s unique position in American business and politics. “Musk can’t formally join, but he’s the kind of person drawn to the unconventional,” Sharma explained. “This is the stuff he likes to do.”
In Sharma’s view, Musk’s endorsement, while seemingly unconventional, aligns with his characteristic contrarianism. For Musk and other billionaires who align with Trump, Sharma suggested that the appeal lies in Trump’s business-friendly stance.
Going beyond billionaires and influential elites, Sharma pointed to broader dissatisfaction in America’s economic landscape. With 70% of Americans expressing discontent with the nation’s trajectory and frustration with capitalism, he argued that Trump’s victory represented a “protest vote” against the status quo.
This is a vote against the system. It’s a protest vote. It’s an anti-incumbency wave that’s been stoked by this huge sense of dissatisfaction.”
Sharma’s insights reveal how Trump’s appeal to both economic elites and everyday voters may have wider implications for US policy and the financial world.
Given Donald Trump’s pro-business approach, financial backers seem willing to overlook the unconventional aspects of his governance. According to Sharma, Trump’s coalition represents a mix of capitalist ideals and an appeal to those frustrated with the traditional political system, with both sides viewing him as the candidate who best aligns with their values.