Russian billionaires boost wealth despite war and sanctions, says Forbes

Russian billionaires boost wealth despite war and sanctions, says Forbes

Russia’s richest men saw their wealth rise by 11% as disruptions to trade flows boosted commodity prices, although Forbes noted there were no new names at the top of the list.

Russian tycoon Alexei Mordashov attends the Saint Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 6, 2024. (Photo by Olga MALTSEVA / AFP)
Alexei Mordashov, general director of investment firm Severgroup, is ranked by Forbes as Russia’s richest billionaire, with a fortune of US$37 billion.  (AFP pic)
MOSCOW:
Russian billionaires increased their wealth by 11% to a record US$696.5 billion over the past year despite the war in Ukraine and the toughest Western sanctions ever imposed on a major economy, Forbes Russia reported.

Russia’s richest men are all linked to the vast reserves of natural resources that Russia has exported to global markets for decades – and their wealth has risen as disruptions to trade flows have boosted commodity prices – although Forbes noted that there were no new names at the top of the list.

Forbes ranked Alexei Mordashov, general director of investment firm Severgroup, as Russia’s richest billionaire, with a fortune of US$37 billion that was up US$8.4 billion from last year’s ranking.

Vladimir Potanin, chief of Interros and metals producer Nornickel , with a fortune of US$29.7 billion, was ranked by Forbes as the second richest in Russia.

Vagit Alekperov, former chief of Lukoil, was ranked third with a fortune of US$29.5 billion, and Leonid Mikhelson, CEO of Novatek , and his family were ranked fourth with a fortune of US$28.3 billion, Forbes said.

Once considered to be some of the richest men on the planet, the wealth of Russia’s billionaires, many of whom made vast fortunes in the chaos that followed the Soviet Union’s collapse, is now far smaller than the top US technology titans.

Elon Musk leads the global Forbes rich list with a fortune of US$839 billion. Google’s Larry Page is ranked second with a fortune of US$257 billion.

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