The Bloomberg Billionaires Index shows that the 20 richest people, including Mark Zuckerberg, Bill Gates and Larry Ellison, have lost more than $480 billion.
Fears of an economic slowdown are on the rise as earnings fall short of expectations at major tech companies.
It has reduced the stock market value of companies and affected the wealth of the rich.
Zuckerberg’s net worth, the CEO of Meta, has fallen by more than $87 billion this year.
He is currently ranked 28th in the list of the world’s richest people.
Earlier this year, he was ranked in the top 10.
The world’s richest man, Elon Musk and Amazon.com founder Jeff Bezos have each lost more than $58 billion.
Tech companies that celebrated growth at the start of the pandemic are now struggling with factors like inflation and rising interest rates.