Russian billionaires increased their wealth by 11% last year, reaching a combined $696.5 billion, despite the war in Ukraine and unprecedented Western sanctions, according to Forbes Russia.
The gains are largely tied to Russia’s long-standing role as a major exporter of natural resources. Market disruptions and shifting trade flows have driven up global commodity prices, boosting the fortunes of those with stakes in energy, metals and other raw materials. However, Forbes noted that there were no new entrants at the top of the rankings.
Alexei Mordashov, chief executive of investment firm Severgroup, topped the list as Russia’s richest individual, with a net worth of $37 billion, up by $8.4 billion from the previous year.
Vladimir Potanin, head of Interros and mining giant Nornickel, ranked second with $29.7 billion, followed closely by former Lukoil chief Vagit Alekperov at $29.5 billion. Leonid Mikhelson, chief executive of Novatek, and his family placed fourth with $28.3 billion.
While Russian billionaires have seen their fortunes rise, their wealth remains significantly lower than that of leading US technology figures. Elon Musk continues to top the global Forbes list with a net worth of $839 billion, followed by Google co-founder Larry Page with $257 billion.
Source: AMNA