Russian billionaires see wealth rise to at least half a trillion dollars
- Fortunes were buoyed by high prices for natural resources, such as oil, palladium, refined nickel and fertilisers – following the invasion of Ukraine
- Money also made in snacks, supermarkets, chemicals, building and pharmaceuticals, indicating Russian domestic demand remained strong despite sanctions
Russia’s richest people added US$152 billion to their wealth over the past year, buoyed by high prices for natural resources and rebounding from the huge loss of fortunes they experienced just after Ukraine war began, Forbes Russia said.
Russia has 110 official billionaires in the list, up 22 from last year, according to Forbes’ Russian edition, which said their total wealth increased to US$505 billion from US$353 billion when the 2022 list was announced.
The list would have been longer had not five billionaires – DST Global founder Yuri Milner, Revolut founder Nikolay Storonsky, Freedom Finance founder Timur Turlov, and JetBrains co-founders Sergei Dmitriev and Valentin Kipyatkov – renounced their Russian citizenship, Forbes said.
“Last year’s rating results were also influenced by apocalyptic predictions about the Russian economy,” Forbes said, adding that the total wealth of Russia’s billionaires was US$606 billion in 2021, before the war began.
After President Vladimir Putin ordered troops into Ukraine on February 24 last year, the West imposed what it casts as the most severe sanctions in modern history on Russia’s economy – and some of its richest people – in an attempt to punish Putin for the war.