SAN FRANCISCO (MarketWatch) — Talk about stagnant wages. In the hedge fund industry, it’s worse. How about wage cuts?

Institutional Investor’s Alpha annual rich list was published Tuesday. And for the hedge fund billionaires and multimillionaires who mostly comprise it, the report is sobering. Massive pay reductions were recorded across the board. David Tepper, founder of Appaloosa Management, for instance, made only $400 million last year — he’s averaged $1.36 billion in the 11 years he’s made the IIA list.

As the publication put it, managers made only “$11.62 billion combined, barely half of the $21.15 billion the top 25 gained the previous year and roughly equal to what they took home during nightmarish 2008.”

To put that in perspective, the top 25 hedge fund managers made just a little more than half the annual economic output of Cyprus, a nation of 1.2 million people.

Kenneth Griffin, founder and chief executive of Citadel, topped the list. He made $1.3 billion, mostly on returns from his own investments in Citadel. His Kensington and Wellington funds returned 18.3%. That compares with a 14% return for investors in the S&P 500 Index SPX, -1.11% , assuming they reinvested their dividends like Griffin apparently does.

Griffin was an exception. Most of the managers posted single-digit returns in their funds, and they paid the price for failing to beat the market. John Paulson of Paulson & Co., Edward Lampert of ESL Investments and Leon Cooperman of Omega Advisors didn’t even crack the top 25 this year. Their funds didn’t produce returns.

For a little perspective, the $11.62 billion earned by the top 25 hedge fund managers is:

Equivalent to the income of 220,000 U.S. households, based on the median.

Equivalent to an hourly wage of $211,538 an hour for a 40-hour work week.

Enough to rebuild Nepal five times based on the damage estimate of $2 billion.

Enough to buy 39 B1-B Lancer bombers.

Enough to pay the salary of the president of the United States at its current rate, $400,000, for 27,500 years.

Enough to pay the annual premium ($3,684) for a full-coverage Obamacare health plan for 2.99 million Americans.

Or the president, the U.S. Air Force, teachers, the Nepalese, and Americans without health insurance could have simply invested in the Kensington and Wellington funds.