Russian billionaires' wealth surpasses central bank reserves
146 Russian billionaires possess more wealth than the savings accumulated by all the country's residents, according to calculations made on Wednesday by the Moscow Times using data from Forbes magazine's annual billionaire list.
At the end of 2024, the net worth of the richest Russians reached a record $625.5 billion. These wealthy individuals increased their assets by $48.7 billion (approximately 4.1 trillion rubles). This sum is comparable to Moscow's annual budget and nine times greater than the combined annual budgets of large regions.
The fortune accumulated by Russian billionaires is nearly equivalent to one-third of Russia's gross domestic product and exceeds the gold and currency reserves of the Central Bank, which are valued at $609.5 billion.
According to "Forbes," in 2024, Russia gained 21 billionaires, bringing the total number to a record high.
The wealthiest Russian on the American magazine's list is the founder of Lukoil, Vagit Alekperov. Last year, the dividends from his shares exceeded $2 billion, and his net worth is estimated at $28.6 billion. Alexei Mordashov, the head of the Severstal conglomerate, holds the same amount. The USA, European Union, and the United Kingdom currently sanction him.
They are moving assets, despite fear
In May of last year, Bloomberg reported that the wealthiest Russians, who were placed under Western sanctions following the start of the war in Ukraine, began gradually moving their assets back to the country despite fears that the Kremlin might seize them.
While some wealthy individuals continue to seek ways to keep family funds in the West, others have chosen to move them to so-called friendly countries, such as the United Arab Emirates, or return them to Russia, especially if their assets are concentrated there. Bloomberg reported that most of the sanctioned billionaires decided to transfer their assets back to Russia.
