Despite Western sanctions, the number and wealth of Russian billionaires increased

Although many Western countries and their allies have imposed economic sanctions against Russia because of the Russia-Ukraine war, the number of Russian billionaires has risen from 22 to 110 by 2023, according to the billionaires list released by Forbes last week.

According to Forbes, this number could have been higher if the 5 billionaires had not revoked their Russian citizenship last year.

The 110th billionaire has a combined net worth of $505 billion, according to the Russian-language edition of Forbes published Friday. The total wealth of Russian billionaires in 2022 was $353 billion.

Despite Western sanctions and the 2.1 percent contraction of the Russian economy, the steady rise in commodity prices was effective on the growing number of Russian billionaires.

ADDS 7.3 BILLION DOLLARS TO HIS WEALTH

Andrey Melnichenko is Russia’s richest person, whose fortune rose from $11.1 billion to $25.2 billion last year as his basic fertilizer and coal businesses are supported by strong commodity prices. Andrey Melnichenko, owner of the EuroChem Group and the SUEK coal company, added another $7.3 billion to his fortune.

Nickel and banking magnate Vladimir Potantin, whose wealth fell to $9.7 billion last year and rose again to $23.7 billion, ranks second, while Vladimir Lisin, head of Russia’s top steel products producer , NLMK Group, with $22.1 billion, ranked third.

While the wealth of Potanin’s and Lisin’s second and third ranks has not returned to pre-war levels, Melnichenko is much wealthier than he was before the Russian invasion of Ukraine. According to Forbes, helped by high fertilizer prices sparked by the Ukraine war, Melnichenko is now $7.3 billion richer than he was before the Russian invasion.

PETR AVEN KEEPS LOSING HIS WEALTH

The meltdown of the fortune of Petr Aven, who is reportedly a close friend of Russian President Vladimir Putin, continued.

Russian businessman Petr Aven, sanctioned by the UK and the EU, has seen his fortune melt once again this year after seeing his fortune fall from $5.3bn in March 2021 to $4.3bn in March 2022.

Petr Aven’s fortune has shrunk to $4.2 billion, according to the most recent listing.

US, EU and UK impose sanctions on 46 of the 110 rich Russians on the 2023 World Billionaires List.

Chinese and American billionaires lost wealth

The rise in wealth of Russian billionaires last year differs from the performance of American and Chinese billionaires over the same period, amid widespread market disruption over fears of a recession.

According to Forbes, 735 billionaires in the US lost $200 billion in their combined net worth between March 2022 and 2023.

According to Forbes, the net worth of 735 billionaires in China fell by $300 billion during the same period.