Top 10 Russian tycoons see wealth surge amid global sanctions

Vladimir Potanin, Russia's richest oligarch
Vladimir Potanin, Russia's richest oligarch

Russia's wealthiest individuals saw a significant increase in their net worth in 2024,  despite ongoing international sanctions. The top 10 Russian billionaires collectively enhanced their fortunes by $18.29 billion, as reported by Kommersant and reflected in the Bloomberg Billionaires Index.

Leading the pack, Andrey Melnichenko, co-founder of Eurochem and SUEK, enjoyed a $5.29 billion surge in his wealth, totaling $24.1 billion. Conversely, USM Holdings' Alisher Usmanov faced a notable decline, losing $2.8 billion, with his wealth dropping to $18.3 billion.

Here's a glance at the financial dynamics of Russia's richest as of early 2024:

  • Vladimir Potanin, co-owner of Norilsk Nickel, saw his wealth increase to $31.8 billion.

  • Vladimir Lisin, NLMK's key figure, added $2.91 billion to his coffers, reaching $26.9 billion.

  • Leonid Mikhelson of NOVATEK experienced a decrease, with his net worth adjusting to $26.7 billion.

  • LUKOIL's Vagit Alekperov enjoyed growth, his fortune expanding to $26.4 billion.

  • Alexey Mordashov of Severstal's wealth rose to $24.6 billion.

  • Andriy Melnichenko's net worth climbed to $24.1 billion.

  • Alisher Usmanov's financial status dwindled to $18.3 billion.

  • Mikhail Prokhorov saw an increase, with his wealth reaching $17.1 billion.

  • Mikhail Fridman of Alfa Group grew his fortune to $13.5 billion.

  • Gennady Timchenko, associated with NOVATEK and Sibur, saw a decline to $12.7 billion.

The report also touched on the broader trend of the world's wealthiest individuals, noting that the top five global billionaires have doubled their fortunes in the last three years, with French billionaire Bernard Arnault leading at $231 billion, followed by Jeff Bezos and Elon Musk.

On March 5, HM Treasury announced that London had lifted sanctions against billionaire and founder of natural gas company ARETIIgor Makarov, following his renunciation of Russian citizenship in favor of a Cypriot passport.

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