Here’s how big a hit Russia’s billionaires have made in the past year


The fortunes of the country’s wealthiest citizens were harmed by sanctions, war and a weakening ruble.

Russia’s billionaires suffered from the loss of their wealth due to the war in Ukraine, sanctions on Russia’s elite and the weakening ruble. The 2022 Forbeslists of the World’s Billionaires now has 83 Russians, compared to 117 last year. The Russian billionaires remaining are worth $320 billion, which is $263 billion more than last year.

On average, these billionaires have lost 27% of their wealth, or $2 billion per year, since last year. Six billionaires saw their wealth fall by double-digit billions of dollars: Leonid Mihelson (-$10.9billion), Alexey Murdashov (–$15.9billion), Gennady Timothychenko (–$10.7billion), Vagit Alekperov -$14.4billion), Suleiman Kerimov -$11.4billion, Tatyana Bakalchuk -$10.9billion).

In 2022, 35 Russian billionaires who had been last year were wiped out. The most notable drops were the Russian banker Oleg Zinkov, and the tech giant a-aria-label=”Arkady Vozh.” class=”color-link” data-ga-track=”InternalLink:https://www.forbes.com/sites/daviddawkins/2022/03/02/putin-has-broken-russias-brightest-tech-businessfounder-arkady-volozh-loses-2-billion-in-three-months/?sh=27f1cd1e5f14″ href=”https://www.forbes.com/sites/daviddawkins/2022/03/02/putin-has-broken-russias-brightest-tech-businessfounder-arkady-volozh-loses-2-billion-in-three-months/?sh=27f1cd1e5f14″ target=”_self” title=”https://www.forbes.com/sites/daviddawkins/2022/03/02/putin-has-broken-russias-brightest-tech-businessfounder-arkady-volozh-loses-2-billion-in-three-months/?sh=27f1cd1e5f14″>Arkady Volozh.

In Russia, there have been just two billionaires in the last year: Denis Sverdlov, a London-based EV startup Arrival, and Egor Kukulkov. Denis Sverdlov was one of the original partners in Pharmstandard, a Moscow based pharmaceutical company. He is now an investor in CMR Surgical. CMR Surgical makes robot surgeons and has raised $600 million in funding by 2021.

Here are six notable Russians who lost their fortunes, including the three largest losers.


Net worths as of March 11, 2022. Comparisons are made vs March 5, 2021.

Vladimir Lisin

2022 NET WORTH : $18.4 Billion (DOWN $7.8 Billion)

Lisin, Russia’s richest man, is now down $7.8billion, or 30% from last year. His NLMK Group is the largest Russian steel producer. Lisin was one of the first billionaires in Russia to criticize war in a letter to staff published later on LinkedIn in March. He said that the “lost lives in Ukraine” were a “huge tragicle that is impossible to justify.”

Roman Abramovich

2022 NET WORTH $6.9 BILLION (DOWN $7.6 BILLION)

The first billions of dollars that Chelsea’s owner earned during the post-Soviet era of post-Soviet entrepreneurshipism were made by Boris Yeltsin, but Abramovich is today the most prominent face of the recently-provoked sanctions. The poisoned oligarch helped facilitate early peace talks between Russia, Ukraine. At least four assets of his, including a Gulfstream G650 plane, a London mansion with 15 bedrooms and a $140 million price tag, as well as his beloved Chelsea soccer club, were frozen by Western governments. He was actually forced to sell Chelsea because of the sanctions. He announced that he would establish a charitable foundation at the time. However, the U.K. government stated that it would only approve the sale of Chelsea if Abramovich does not pocket a penny. Abramovich also holds stakes in Evraz and Norilsk Nickel – Russian commodities giants that have seen their value plummet to the tune of billions. His two yachts worth $900 million are currently out of reach in Turkey.

Vladimir Potanin

2022 NET WORTH $17.3 Billion (DOWN 9.7 Billion)

Potanin has become Russia’s second-richest person, but he has lost almost $10 billion in estimated fortune since last January. Potanin, who holds a 35% stake at the nickel-palladium mining company Norilsk Nickel, was another oligarch to survive the transition to Putin from Yeltsin. However, shares have rebounded in the weeks since.


Russia’s Largest Billionaire Losers

Alexey Mordashov

2022 NET WORTH $13.2 Billion (DOWN $15.9 Billion)

Russia’s ex-richest person is now worth less than half his net worth. Mordashov was sanctioned in February by the EU for his “links to Russian decision-makers.” Mordashov is majority shareholder at steel company Severstal and TUI Group, which are the largest travel and tourism companies in the globe.

Vagit Alekperov

2022 NET WORTH $10.5 BILLION (DOWN $14.4 BILLION)

Alekperov holds a stake in Lukoil, Russia’s largest oil company after Rosneft and Sberbank. Alekperov lost more than half his fortune in Ukraine since last year, breaking ranks with other Russian giants.

Suleiman Kerimov and his family

2022 NET WORTH : $4.4 BILLION (DOWN $11.4 Billion)

Suleiman Kerimov , a Russian gold tycoon, is a member Russia’s upper chamber of parliament. His fortune comes from Polyus, a gold producer. Kerimov was sanctioned in 2018 by the U.S. for money laundering in relation to the purchase of villas and other property in France. The EU sanctioned him March 15, 2022.

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