War, sanctions and a weakened ruble wreaked havoc on the fortunes of the country’s richest people.
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ladimir Putin’s war in Ukraine, the cost of sanctions across the Russian elite and the weakened ruble took its toll on the wealth of Russia’s billionaires. There are 83 Russians on the 2022 Forbes list of the World’s Billionaires, down from 117 last year. The remaining Russian billionaires are worth a collective $320 billion–an eye-watering $263 billion less than a year ago.
These billionaires have lost, on average, 27% of their wealth–or $2 billion–apiece since last year. Six tycoons saw their wealth drop by a double-digit billion-dollar sum: Leonid Mikhelson (-$10.9 billion), Alexey Mordashov (-$15.9 billion), Gennady Timchenko (-$10.7 billion), Vagit Alekperov (-$14.4 billion), Suleiman Kerimov (-$11.4 billion) and Tatyana Bakalchuk (-$10.9 billion).
Thirty-five Russians who were billionaires last year fell out of the ranks in 2022. Among the most notable dropoffs: Russian banker Oleg Tinkov and tech giant Arkady Volozh.
Meanwhile, over the past year Russia minted just two new billionaire citizens: Denis Sverdlov of London-based EV startup Arrival and Egor Kulkov, one of the early partners in Pharmstandard, a Moscow-based pharmaceutical company, and now an investor in CMR Surgical, a maker of robot surgeons that raised $600 million in funding in 2021.
Here are six of the most notable Russians whose fortunes plunged, including the three biggest losers:
Net worths are as of March 11, 2022; comparisons are vs. March 5, 2021
Vladimir Lisin
2022 NET WORTH: $18.4 billion (DOWN $7.8 billion)
Lisin is Russia’s richest person, but he is down $7.8 billion, or 30%, from a year ago. His NLMK Group is one of the largest steel producers in Russia. One of the first billionaires to publicly criticize the war, in a letter to staff, later published on LinkedIn in March, he said the “lost lives” in Ukraine were a “huge tragedy that is impossible to justify.” Unlike many other Russian oligarchs, Lisin has not been personally sanctioned.
Roman Abramovich
2022 NET WORTH: $6.9 billion (DOWN $7.6 billion)
Although the Chelsea owner made his first billions during the President Boris Yeltsin-era of post-Soviet entrepreneurialism, Abramovich today is the most recognizable face of the recent Putin-provoked sanctions. The oligarch was possibly poisoned while facilitating early peace talks between Russia and Ukraine. At least four of his assets, including a Gulfstream G650 jet, a 15-bedroom London mansion worth $140 million and his beloved Chelsea soccer team, have been frozen by Western governments. In fact, he was pushed to put Chelsea up for sale due to the sanctions. At the time he announced he would set up a charitable foundation and the U.K. government has reportedly made it clear that it will only approve a sale if Abramovich walks away without pocketing a penny. He also has stakes in two Russian commodities giants - Evraz and Norilsk Nickel, which have lost billions in value. Meanwhile, his two yachts, worth $900 million, are docked out of reach in Turkey.
Vladimir Potanin
2022 NET WORTH: $17.3 billion (DOWN $9.7 billion)
Potanin is now Russia’s second richest person–but he has lost nearly $10 billion of estimated fortune since last year. Another of the oligarchs to survive the transition from Yeltsin to Putin, Potanin’s 35% stake in nickel and palladium mining company Norilsk Nickel was hammered after the invasion of Ukraine by Russian forces, although shares have recovered in the weeks since.
Russia’s Biggest Billionaire Losers
Alexey Mordashov
2022 NET WORTH: $13.2 billion (DOWN $15.9 billion)
Russia’s former richest person has lost over half of his estimated net worth since last year. Mordashov was sanctioned by the EU in February for his “links with Russian decision-makers.” Mordashov is a majority shareholder in steel company Severstal, and TUI Group, one of the biggest travel and tourism companies in the world.
Vagit Alekperov
2022 NET WORTH: $10.5 billion (DOWN $14.4 billion)
Alekperov owns a stake in oil giant Lukoil, one of the largest companies in Russia after state companies Sberbank and Rosneft. The company broke ranks with the other giants in Russia by expressing its, “deepest concerns about the tragic events in Ukraine,” and, “sincere empathy for all victims, who are affected by this tragedy.” Alekperov, who was once an oil rig worker, has lost over half of his fortune since last year.
Suleiman Kerimov & family
2022 NET WORTH: $4.4 billion (DOWN $11.4 billion)
Gold tycoon Suleiman Kerimov is a member of Russia’s upper house of parliament, his fortune comes from gold producer Polyus. Kerimov was first sanctioned by the U.S. in 2018 for alleged money laundering related to the purchase of villas in France; the EU sanctioned him on March 15, 2022.
