THE WHAT? Billionaires are being hit by the cost of living crisis too, so says The Times newspaper’s annual Rich List, which reveals that several fashion and retail heavyweights saw their fortune shrink over the past year.

THE DETAILS According to a report published by Kering Chairman Francois-Henri Pinault, for example, saw his net worth shrink by £1.9 billion, while James Dyson’s fortune dipped £2.2 billion, and Primark owners, the Westons had £7 billion shaved off their wealth. Fellow retail magnate, Mike Ashley’s riches declined 41 percent.

Victoria and David Beckham, however, bucked the trend, with their combined net worth rising by £30 million as Victoria’s fashion business reported strong sales, reducing operating losses significantly and David sold a majority stake in DB Ventures to Authentic Brands.

THE WHY? As WWD points out, with the global retail climate subdued and demand for luxury goods waning amid a cost of living crisis, it’s no wonder those at the helm of retailers and luxury brands are also feeling the pinch.