Falling markets and inflation are hurting everyday Americans — and the super rich.
According to Forbes Magazine, for the first time since 2009, the 400 richest people in America lost money this year as a group.
But don't feel too bad for them — they're still worth an astonishing $4 trillion.
Topping the Forbes 400 List for the first time is Tesla and SpaceX CEO Elon Musk.
The South African billionaire overtook Amazon's Jeff Bezos as America's richest person, in part thanks to Tesla's rising share price.
Less fortunate this year is Facebook's Mark Zuckerberg. For the first time since 2015, the tech mogul is not in the top 10. Zuckerberg lost more money than any other American over the past 12 months, shrinking his wealth by a staggering $76.8 billion.
His bad fortune reflects a bad year for tech companies. After a pandemic boom, tech giants lost a combined $315 billion this year.
Zoom is a case in point. The videoconferencing company is down 73% in the last year, as workers start returning to the office.
Overall, the 400 richest people in the U.S. remain largely self-made, with nearly 70% of them having created their own fortune rather than inheriting it.
The list also remains male-dominated, with just 58 women. That's only two more than last year.
The top-ranked woman is Julia Koch, the widow of late billionaire David Koch.
