New york: More than half of the world's 10 wealthiest individuals have experienced a substantial decline in their fortunes, with a combined loss of $170.3 billion. This downturn is attributed to escalating geopolitical tensions, notably the recent conflict in the Middle East.

According to Anadolu Agency, global markets initially showed a positive trend at the start of the year. However, the onset of protests in Iran, U.S. interventions in Venezuela, a diplomatic crisis between China and Japan, and heightened geopolitical tensions globally, including U.S. plans to annex Greenland, have unsettled investors. The situation worsened with the U.S. and Israel's joint attacks on Iran on February 28, leading to widespread conflict and subsequent market downturns.

Among those affected, Bernard Arnault, CEO of LVMH, experienced the largest wealth decline, losing $55.4 billion, bringing his fortune down to $153 billion. Larry Ellison of Oracle saw his net worth decrease by $52.4 billion to $195 billion, while Meta's Mark Zuckerberg faced a $30.5 billion reduction, bringing his wealth to $203 billion. Amazon's Jeff Bezos, Google co-founders Larry Page and Sergey Brin, and Nvidia's Jensen Huang also reported significant financial losses.

In contrast, Elon Musk, the world's richest man, saw an increase in his wealth, with a surge of $24.2 billion, taking his total fortune to an impressive $644 billion, despite some fluctuations. Walmart's heirs, Jim Carr and Samuel Robson Walton, similarly observed increases in their wealth, with gains of $9.8 billion and $9.7 billion, respectively.