NewsRussian billionaire count hits new high despite sanctions

Russian billionaire count hits new high despite sanctions

Despite sanctions imposed by the West on Russia following its invasion of Ukraine over two years ago, the number of Russian billionaires has reached an all-time high. The American magazine Forbes has included as many as 125 Russians in its list of the world's wealthiest individuals, as highlighted by the independent Russian portal Meduza.
The most affluent Russian has been recognized as the owner of the oil company Lukoil, Vagit Alekperov.
The most affluent Russian has been recognized as the owner of the oil company Lukoil, Vagit Alekperov.
Images source: © East News | MAXIM SHIPENKOV

12:05 PM EDT, April 3, 2024

In 2021, Forbes featured 121 Russian citizens among the billionaire ranks. The subsequent year saw a decline to 88, attributed to Western economic sanctions against the Kremlin. However, in 2023, the figure rebounded to 110, and by 2024, it surged to 125, setting a new record, Meduza reports.

On Tuesday, Forbes unveiled its latest billionaire roster, tallying 2781 names, an increase of 141 from the previous year. Americans dominate the list, occupying 813 spots, followed by China, including Hong Kong, with 473 entries, and India, with 200 billionaires.

Musk dethroned due to Tesla's performance

At the pinnacle of the list stands Bernard Arnault, the chief of French luxury conglomerate LVMH (LVMH Moet Hennessy Louis Vuitton), boasting a $233 billion fortune. Elon Musk, affected by Tesla's lagging performance, has been bumped to second place with $195 billion, relinquishing his former top spot. Jeff Bezos, founder of Amazon, and Mark Zuckerberg, creator of Facebook, secured the third and fourth positions, respectively.

The wealthiest Russian is deemed to be Lukoil's owner, Vagit Alekperov, who ranks 59th with an estimated wealth of $28.6 billion.

Michał Sołowow, a Polish investor and financier, is listed as the wealthiest Pole, placing 398th on Forbes' list with a fortune of $6.9 billion.
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