Number of billionaires in Russia grows 25% despite war sanctions, according to Forbes

The number of billionaires in Russia increased by 25% last year despite Western sanctions imposed after the start of the military campaign in Ukraine in February 2022.

The list of billionaires, that is, tycoons with more than a billion dollars, increased from 88 to 110, the magazine reported today on its website.

The richest Russian is Andrei Melnichenko, founder of the international chemical company EuroChem Group AG, based in Switzerland, which is engaged in the production of fertilizers.

Forbes estimates the fortune of Melnichenko, who also created the SUEC company, the largest coal supplier in this country, at US$25.2 billion.

They are followed by oligarchs closely related to the Kremlin such as Vladimir Potanin, the so-called nickel czar, with 23.7 billion; Vladimir Lisin, steel businessman, with 22,100 million; or Leonid Míjelson, founder of the gas company Novatek, with 21.6 billion.

Also in the top ten are investor Gennady Timchenko and Telegram creator Pavel Durov, with $11.5 billion.

The once richest man in Russia, Roman Abramovich, now has $9.2 billion; and Putin’s personal friends, Arkadi Rotenberg, builder of the Crimean bridge, accumulates $3.5 billion, and Yuri Kovalchuk, $2.7 billion.

While the first woman on the list is Tatiana Bakalchuk, director of the digital commerce company Wildberries, in 17th place with 8.8 billion.

Many of these businessmen are sanctioned by the West, as is the case of Oleg Deripaska, who has seen his fortune reduced to US$2.5 billion.

According to the magazine, the list could have five more names, but these tycoons renounced their Russian citizenship.

In total, the accumulated fortune of these 110 billionaires increased from 353,000 million to 505,000 million dollars, taking into account that in March 2023, when the list was drawn up, the dollar was trading at 75.9 rubles and a year ago at 133 rubles.

At the beginning of the year, Forbes published the list of billionaires who had lost the most money during the Russian military intervention in Ukraine due to sanctions, including Alexei Mordashov, who lost 11.1 billion; the aforementioned Bakalchuk, 8.300 million dollars, or Oleg Tinkov, 5.900 million.

The Russian economy contracted 2.1% in 2022, less than expected, although Putin acknowledges that the effects of Western sanctions will be felt in the medium term.

Source: EFE