The world’s wealthiest 500 people have lost a staggering $1.4trillion in 2022 alone due to rocketing interest rates and record inflation, a bombshell report has found.

American billionaires Elon Musk, Jeff Bezos and Mark Zuckerberg saw their fortunes slashed by around $800billion this year, the Capgemini World Wealth review said.

The rest of the top five was made up of Binance founder Changpeng Zhao – who shed $85.6billion – and French Louis Vuitton magnate Bernard Arnault, who is worth $56.8billion less.

On Monday alone a whopping $206billion was wiped off the net worths of the top 500, amid fears uncertainties over national economies and rocketing inflation.

The eyewatering losses come despite a huge surge in their wealth last year following the pandemic as businesses flourished as restrictions loosened.

In 2021 the world’s top ten richest men watched as their fortunes skyrocketed by $400billion with Musk adding $121billion and Bezos adding $4.5billion.

But so far this year – amid a mix of business decisions and a spiraling global economy – the billionaires club has seen staggering slashes to their net worth.

The world’s 500 wealthiest lost a combined $1.4 trillion this year, it has been revealed – a loss spurred by rocketing interest rates and record inflation. US billionaires – such Elon Musk and Jeff Bezos, the two richest men in the world – saw their fortunes cut by roughly $800 billion, placing them among the biggest losers

Zuckerberg, currently ranked No. 17 on the list of top billionaires after falling out of the top 10 in March, has lost a marked $64.4 billion – more than his current net worth of $61.1 billion

Musk, Bezos, and Zuckerberg were among the top 5 losers of the list, formed from data compiled by Capgemini World Wealth. Also among the top 5 was Binance head Changeng Zhao, who has seen almost all of his fortune evaporate as the crypto space tumbles, and longtime Louis Vuitton Bernard Arnault, the third richest man behind Musk and Bezos

The two richest in the world, Musk and Bezos, accounted for roughly 16 percent of the decrease seen among US billionaires, the data revealed.

Musk, 50, who emerged as the world’s richest man in fall 2021 after seeing his wealth surpass Bezos’, lost roughly a quarter of the $270billion he started the year with, losing $73.2billion in less than six months, according to Capgemini. 

The Tesla head’s net worth now stands at roughly $197billion as of the report’s release Tuesday, according to Bloomberg’s Billionaire Index.

Bezos, 58, meanwhile – who enjoyed the distinction of world’s richest man for years before being beaten out by Musk last year – lost a similar $65.3billion, the report found.

The amount served as roughly a third of the Amazon boss’ nearly $200billion net worth seen in January.

Others to lose astronomical numbers included Facebook founder Mark Zuckerberg, who fell out of the top ten list of billionaires in March due to his plummeting Meta stock, and the world’s third-richest man, Louis Vuitton CEO Bernard Arnault.

Zuckerberg, currently ranked No. 17 on the list of top billionaires, has lost a marked $64.4 billion – more than his current net worth of $61.1 billion.

Arnault, meanwhile, saw the fifth-highest losses according to the report, losing roughly $56.8 billion this year – a decrease of nearly 30 percent. His net worth still stands at $121.2 billion – a fortune only surpassed by Musk’s and and Bezos’.

Those figures, however, paled in comparison to the losses incurred by the year’s biggest loser, Binance head Changpeng Zhao, 44, who has seen $85.6billion of his once $100billion fortune disappear this year, leaving him with just over $10 billion.

It comes as the founder and CEO of the Chinese cryptocurrency exchange – the world’s largest – has seen the vast majority of his wealth wiped out due to the currently tumbling crypto space and a labor shortage seen in the tech sphere.

A Labor Department report Friday revealed the consumer price index jumped one percent in May from the prior month, for a 12-month increase of 8.6 percent – topping the recent peak seen in March.

The new figures released on Friday suggested the Federal Reserve could continue with its rapid interest rate hikes to combat what has been coined ‘Bidenflation,’ and markets reacted swiftly, with the Dow shedding around 600 points. 

Markets continued to drop during early trading on Monday, as fears of a recession grow stronger.   

New data show that annual inflation in the US rose to 8.6% last month. The report led Biden to concede that inflation remains a problem in the US

President Joe Biden speaks to reporters outside of Air Force One on Saturday. He continued to blame Russia and its war in Ukraine for soaring gas prices in the US

The runaway inflation rates are hurting American wallets outside of the gas station, most notably at the grocery store. 

Grocery costs have increased at staggering rates, and are expected to only keep climbing as the crisis continues.

The price of eggs has risen 32% and poultry is up 16.6% since the year began, following a bird flu outbreak in January that killed off roughly 6% of commercial chickens. 

Embargoes against Russia have also led to increases in the prices of grain-based foods, while fats and oils are up 16.9%, and milk is up 15.9%.

As inflation-borne production costs climb, producers and retailers alike have indicated that they will be forced to continue hiking prices.