Probably the best way to look at it. Equity values do not represent only actual wealth, they represent the market’s best guess about the value of wealth that will be created in the future. Some real wealth was destroyed last year, but most of that $6.9 trillion figure came as people readjusted unrealistic forecasts that had artificially inflated equity values.
No question that some tangible (I avoid using “real” for economic reasons) wealth evaporated, but nothing on the order of this alarmist headline.