Who are Russia’s billionaires

The total wealth of Russia’s richest businessmen increased by $18.293 billion in the first three months of 2024, according to the latest ranking data. This remarkable surge highlights the dynamic nature of wealth distribution among the elite in Russia. The co-founder of “EuroChem” and SUEK, Andrey Melnichenko, saw the largest increase in wealth—up by an impressive $5.29 billion to $24.1 billion. This significant growth reflects the strong performance and strategic investments made by Melnichenko in his various enterprises.

On the flip side, the biggest loss was experienced by the founder of USM Holdings, Alisher Usmanov, whose wealth decreased by $2.8 billion, bringing his total down to $18.3 billion. This decline could be attributed to various factors, including market fluctuations and strategic business decisions that did not yield the expected outcomes.

The top 10 richest Russians in the Bloomberg Billionaires Index (BBI) include notable figures:

  1. Founder of “Alfa Group” Mikhail Fridman experienced an increase of $1.21 billion, resulting in a total of $13.5 billion. Fridman’s diverse business interests in banking, retail, and telecom have contributed to his wealth.
  2. Co-owner of “Norilsk Nickel” Vladimir Potanin, whose wealth increased by $768 million since the beginning of the year, reaching $31.8 billion. Potanin’s diverse portfolio and robust business strategies have contributed to his sustained wealth.
  3. Beneficiary of NLMK Vladimir Lisin saw a remarkable increase of $2.91 billion, bringing his total to $26.9 billion. Lisin’s success can be linked to the strong performance of the steel industry and his strategic investments.
  4. Co-owner of NOVATEK Leonid Mikhelson experienced a slight decrease in wealth, down $747 million to $26.7 billion. Despite this, Mikhelson remains one of the wealthiest individuals in Russia, thanks to his significant stake in the energy sector.
  5. Co-owner of LUKOIL Vagit Alekperov enjoyed an increase of $1.79 billion, bringing his wealth to $26.4 billion. Alekperov’s success is closely tied to the fluctuating yet profitable oil market.
  6. The beneficiary of “Severstal” Alexey Mordashov saw his wealth grow by $3.75 billion, reaching $24.6 billion. Mordashov’s investments in the steel industry and other sectors have paid off handsomely.
  7. Andrey Melnichenko, with an increase of $5.29 billion and reaching $24.1 billion, stands out as one of the top gainers. His diversified business interests have significantly boosted his financial standing.
  8. Alisher Usmanov, despite a decrease of $2.8 billion, maintains a substantial net worth of $18.3 billion. Usmanov’s ventures span various industries, including metals and telecommunications.
  9. Mikhail Prokhorov saw his wealth increase by $1.38 billion, bringing his total to $17.1 billion. Prokhorov’s investments in sports and other ventures continue to yield returns.
  10. Co-owner of NOVATEK and “Sibur” Gennady Timchenko saw a decrease of $1.45 billion, bringing his wealth to $12.7 billion. Despite this decline, Timchenko remains a significant player in the energy and petrochemical industries.

According to the March ranking by the Chinese research institute Hurun, Russia gained six new dollar billionaires over the past year. This growth enabled Russia to remain in the top 10 globally, ranking seventh with 76 billionaires. The ranking’s authors also note the growing “migration of billionaires,” with the most preferred countries for relocation being the USA, the UK, Switzerland, and Singapore. This trend highlights the increasing globalization of wealth and the strategic decisions billionaires make to optimize their financial and personal well-being.

Russia Ranks Seventh

With 76 dollar billionaires, Russia ranked seventh globally, following Switzerland, which has 106 billionaires. “Russia added six dollar billionaires over the year, despite the ruble falling by 21%,” stated the Chinese ranking. “The best performance was seen in the metallurgy, mining, and energy sectors, while the past year was particularly challenging for financial services,” the report added.

Most Russian billionaires are predominantly involved in the metallurgy and mining sectors, boasting a total of 17 individuals. Following closely are those in the energy sector with 9 billionaires. Other significant industries contributing to this wealth include chemical production, investments, and real estate, each with seven billionaires.

Additionally, Moscow has managed to retain its position in the prestigious list of top ten cities in the world with the highest number of billionaires, hosting 59 billionaires, an increase of 2 from the previous year. This underscores the city’s continuing appeal and economic vitality despite broader economic challenges.