Global market volatility linked to tensions involving Iran has significantly dented the fortunes of the world’s richest individuals, with nine of the top ten billionaires losing wealth in March, according to a report by Forbes.

The report said the combined wealth of the world’s ten richest people dropped by more than $100 billion, bringing their total net worth to around $2.5 trillion at the start of April. The downturn coincided with declines of nearly 5% in major US indices, including the S&P 500 and Nasdaq.

Despite the losses, Elon Musk retained his position as the world’s richest person. His net worth fell by $22 billion over the month to $817 billion, though he remains significantly ahead of his closest rivals.

Larry Page ranked second, with his fortune declining by $20 billion to $237 billion. Meanwhile, Jeff Bezos moved up to third place despite a modest $1 billion drop in wealth, while Sergey Brin slipped to fourth after losing $18 billion.

The biggest loss was recorded by French luxury tycoon Bernard Arnault, whose wealth fell by $28 billion to $142.5 billion. The sharp decline pushed him down from seventh to tenth position in the global rankings.

Spanish retail magnate Amancio Ortega also saw a significant drop, losing $20 billion and falling out of the top ten to 14th place. Veteran investor Warren Buffett slipped from ninth to eleventh after his net worth declined by $7 billion.

Among the few changes at the top, Michael Dell was the only billionaire in the top ten to register a gain, rising to eighth place with a $2 billion increase in wealth. Rob Walton also entered the top ten, despite a slight decline in his fortune.

Forbes noted that only four individuals retained their previous rankings, underscoring the volatility in global markets. The latest reshuffle highlights how geopolitical tensions and financial market swings are impacting even the world’s wealthiest individuals.

The rankings are based on real-time estimates as of April 1, and Forbes cautioned that net worth figures can fluctuate daily due to stock market movements.