There is no doubt that the tech sector is under strain. In the past two weeks Meta Platforms Inc. announced it was cutting another 10,000 jobs and eliminating 5,000 open roles, Amazon.com Inc. laid off an additional 9,000 workers and job-hunting website Indeed slashed 2,200. But this isn’t an industry under siege.
Europe's ultra-rich were hit hardest, with a 17 percent drop in fortunes there, followed by Australia at 11 percent and the Americas down 10 percent. Africa and Asia got off more lightly, with falls of five percent and seven percent respectively.