The world’s richest 500 billionaires lost $1.4 trillion in the first half of 2022, the biggest six-month drop ever for the ultra-rich, reports Bloomberg.

Why is this important: The losses come as the S&P 500 index suffered its worst first half since 1970, according to Barron’s.

By the numbers: The drop is a stark contrast to the previous two years, when the fortunes of the world’s wealthiest people swelled amid government stimulus measures following the COVID-19 pandemic, according to Bloomberg.

• Jeff Bezos lost around $63 billion.
• Mark Zuckerberg‘s net worth has been cut in half to $60 billion.
• Elon Musk’s fortune has plunged nearly $62 billion.
• Changpeng Zhao, a crypto pioneer, saw his $96 billion fortune plummet by nearly $80 billion this year due to the crypto turmoil, according to Bloomberg.

Yes, but: Many of these billionaires are still extremely wealthy. Musk still has the largest fortune on the planet at $208.5 billion, while Bezos is second with a net worth of $129.6 billion, according to Bloomberg.

The big picture: It’s a bad year to be really rich, writes Axios’ Felix Salmon.

• Zuckerberg, Zhao, Musk and Bezos lost $50 billion each in May alone.
• Not to mention the Russian oligarchs, who saw their fortunes frozen, and crypto investors also saw their wealth plummet.
• “Those of us working for a living are doing well,” Felix writes. “Those who don’t need it, on the other hand, feel a bit of a pinch.”