Russia’s Billionaires Increase to 110 This Year, Wealth Rises to Over Half a Trillion Dollars: Report

Last Update: April 23, 2023, 10:06 AM IST

The richest man in Russia is Andrei Melnichenko, who made a fortune in the field of fertilizers and is worth an estimated $25.2 billion.  (Credits: Reuters)

The richest man in Russia is Andrei Melnichenko, who made a fortune in the field of fertilizers and is worth an estimated $25.2 billion. (Credits: Reuters)

Russia now has 110 official billionaires on the list, 22 more than last year, while their net worth has risen from $353 billion to $505 billion.

A Reuters report said that despite the war in Ukraine, the wealth of Russia’s richest man has increased by $152 billion in the last one year.

The report quoted Forbes Russia as saying that a number of billionaires saw an increase in wealth due to rising natural resource prices and a comeback from the massive loss of fortune they experienced soon after the Ukraine war began.

Russia now has 110 official billionaires on the list, up 22 from last year, while their net worth rose from $353 billion to $505 billion at the time the 2022 list was announced.

New Russian names on Forbes’ list include billionaires who made their money in snacks, supermarkets, chemicals, construction and pharmaceuticals, indicating that Russian domestic demand remains strong despite sanctions.

Five billionaires not included in the list—DST Global founder Yuri Milner, Revolut founder Nikolay Storonsky, Freedom Finance founder Timur Turlov, and JetBrains co-founders Sergey Dmitriev and Valentin Kipyatkov—relinquished their Russian citizenship.

“Last year’s rating results were also influenced by predictions about the Russian economy,” Forbes said, adding that Russia’s billionaires were expected to have a net worth of $606 billion in 2021, before the Ukraine war.

According to the list, the richest man in Russia was Andrei Melnichenko, who made a fortune in fertilizers and is worth an estimated $25.2 billion, more than double last year’s estimate.

The second richest on the list was Vladimir Potanin, chairman and largest shareholder of Nornickel, the world’s largest producer of palladium and refined nickel, with a fortune of $23.7 billion. Vladimir Lisin, who was the richest man last year, was third on the list with a net worth of $22.1 billion.

After Russian President Vladimir Putin ordered troops into Ukraine in February 2022, the West has imposed some of the most severe sanctions in modern history on Russia’s economy in an effort to punish Putin for the war.

Although the Russian economy is set to shrink 2.1 percent in 2022 amid Western sanctions, it was able to sell oil, metals and other natural resources to countries including China, India and the Middle East.

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