The world's 10 richest people lost over $82 billion of their wealth in just 10 days due to the recent wave of declines that hit the stock markets.

The declines hit the indices hard, with Tesla CEO Elon Musk alone losing $24 billion from his wealth during the recent sessions.

These declines came in the wake of the Federal Reserve's meeting minutes indicating further interest rate hikes, along with the credit rating downgrade of the United States by Fitch Ratings.

At the same time, his French counterpart on the list, Bernard Arnault, ranked second for the largest loss with $14 billion.

Meanwhile, Facebook CEO was third in terms of losses, which amounted to $11 billion.

This is attributed to the significant rise in Meta Platforms' shares since the beginning of the year, as many believe that the Federal Reserve's decision triggered the correction process after a long series of increases.

Amazon co-founder Jeff Bezos was also affected by the losses, losing $7 billion during the last ten sessions.

Four billionaires lost $4 billion each, including Warren Buffett, Larry Page, Steve Ballmer, and Sergey Brin.