Forbes USA estimates that the richest people in the world have lost $1.9 trillion in 2022, and some, like hedge fund FTX founder Sam Bankman-Fried, musician Kanye West and Rivian founder R J Skarinja, have dropped out of the ranks of billionaires altogether

In 2020 and 2021, the combined fortunes of the world's richest people increased by trillions of dollars, but this year they faced a shaky stock market, a Russian "special operation" in Ukraine and rampant inflation.

Forbes estimates that billionaires around the world lost $1.9 trillion in 2022. As of Dec. 9, their combined wealth dropped from $13.8 trillion to $11.9 trillion. The number of billionaires also dropped from 2,671 to 2,523, according to Forbes USA.

The hardest hit were 300 tech billionaires, who collectively lost more than $1 trillion in 2022. The situation is increasingly precarious after several years of booming growth that was fueled by a pandemic boom and overly energetic investors who boosted the stock prices of companies and startups.

Companies are cutting costs, laying off employees and abandoning IPOs. Shares of Amazon plummeted nearly 50%, draining founder Jeff Bezos' fortune by more than $80 billion.