Yes, but you have to look at the bigger picture: most ultra-wealthy people do not keep the bulk of their wealth in cash. Instead, their wealth is largely invested in assets such as shares, which can rise in value over time. When they need cash, they can often borrow against those assets rather than sell them

They have people whose job it is to shift the wealth around according to the current situation. They are unlikely to suffer with the rest of us.

Take Corona: the super rich got much wealthier while we and the economy went down.