According to Forbes, global stock drops have sliced several trillion from the world’s wealthiest.

Last year, Forbes’s annual ranking of the wealthiest individuals in the entire world totaled the number of said individuals and their overall net worth. In 2021, there were approximately 2,997 people in the world considered billionaires, with their combined assets totalling $13.1 trillion. Today, Forbes released their updated version of this list for 2022, and while there are still many billionaires in the world, there are notably less, and with less money.

According to the new version of the list, there are now 2,668 billionares in the world, a drop of 329, and their combined assets have dropped to $12.7 trillion. Many of the billionares who dropped off the list were either based in Russia or had heavy investment in Russian stocks, but as Russia is continuously hit with sanctions over their invasion of Ukraine, Russian investments are nowhere near as sustainable or valuable.

The list has also served as a rallying cry for Millionaires for Humanity, an initiative composed of wealthy individuals who have spoken in support for higher taxes on their income to address global income inequality.

Elon Musk tops the #ForbesBillionares list in 2022 with a net worth of $219 billion — in a fairly distant second place is Jeff Bezos https://t.co/tywdKXRoZ7 pic.twitter.com/vrjHOb6Sve

— Forbes (@Forbes) April 5, 2022

“The Forbes rich list is a stark reminder of the obscenely unequal world in which we live,” said Danish multimillionaire and the initiative’s founder, Djaffar Shalchi. “While most people around the globe have struggled to adapt and survive to the pandemic, many having lost their jobs, plunged deeper into poverty, those on the Forbes rich list have been able to sit back and watch their wealth soar.”

“It is an affront to humanity, an insult to the claim that we are all in this together, and a slap in the face to those of us who believe that we share this planet and its resources equally.

“The time for a wealth tax on people like me is long overdue. Inequality is bad for everyone. Even in the US we are looking at the prospect of President Biden introducing a billionaire tax. This would be an important step in the right direction.”