The stock market crash in the United States, which has pushed equities into a bear market, is lowering the net worth of billionaires like Elon Musk and Jeff Bezos.
It's also wreaking havoc on Americans' retirement accounts, wiping out trillions of dollars.
According to Alicia Munnell, director of Boston College's Center for Retirement Research, the selloff has wiped over $3 trillion from U.S. retirement savings.
Participants in 401(k) plans have lost nearly $1.4 trillion since the end of 2021, according to her calculations.
This year, people who hold IRAs — the majority of which are 401(k) rollovers — have lost $2 trillion.
This year's stock market collapse is the worst since March 2020, when COVID-19 erupted in the United States.