Russia’s ultra-rich have seen their wealth swell over the past year despite punishing Western sanctions against Moscow over its invasion of Ukraine. CEO Magazine has published a new ranking of the richest Russians. The ranking is headed by Andrey Melnichenko, with an estimated net worth of $24.4 billion, followed by Vladimir Potanin, with a net worth of $23.7 billion, and Vladimir Lisin, with $22.1 billion.
The Top 10 Richest Russians
Allegedly, the Russian president Vladimir Putin has a net worth of $200 billion is contentious and not universally accepted as accurate. The true magnitude of his wealth remains ambiguous, many specialists estimate that his net worth is probably far less than the cited $200 billion. However, Putin continues to be the dominant figure in Russian’s financial elite.
- Vladimir Putin: $200 billion
- Andrey Melnichenko: $24.4 billion
- Vladimir Potanin: $23.7 billion
- Vladimir Lisin: $22.1 billion
- Leonid Mikhelson: $21.6 billion
- Alexey Mordashov: $20.5 billion
- Vagit Alekperov: $20.5 billion
- Gennady Timchenko: $18.5 billion
- Alisher Usmanov: $14.4 billion
- Mikhail Fridman: $12.6 billion
- Viatcheslav Kantor: $11.3 billion
Andrey Melnichenko founder of the EuroChem and SUEK companies, topped the Fores list of richest Russians in 2023 for the first time. Head of Norilsk Nickel, Vladimir Potanin ranks second. Last year’s number one, Chairman of the Board of Directors of NLMK, Vladimir Lisin, slipped to third.
The Rising Number Of Russian Billionaires
Despite stringent Western sanctions on Moscow following its invasion into Ukraine, the affluence of Russia’s wealthiest individuals has surged, as highlighted by the 2023 Forbes billionaires list. Russian billionaires witnessed their combined wealth escalate from $353 billion in 2022 to a staggering $505 billion this year, marking an average growth of $600 million per person.
To get the real picture, it is better to compare the results of 2023 not with 2022 but with 2021. Then the total fortune of Russian billionaires was estimated at $606 billion, Forbes notes.
The tally of Russia’s elite billionaires, those boasting a net worth exceeding $1 billion, surged to 110, reflecting an addition of 22 magnates from the previous year. Interestingly, this count could have been even higher if five of these billionaires hadn’t renounced their Russian nationality in the past year. This upward trajectory of Russia’s affluent class seems counterintuitive given the substantial Western sanctions and the 2.1% contraction of the Russian economy in the previous year. Yet, the consistent surge in commodity prices in 2022 played a pivotal role in shaping the financial landscape for Russia’s most affluent.
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