Russian billionaires' wealth surpasses national savings

At the end of 2024, the net worth of the richest Russians reached a record amount of $625.5 billion CAD. The wealthiest increased their assets in 2024 by $48.7 billion CAD (approximately 4.1 trillion rubles). This amount is comparable to the annual budget of Moscow and is nine times greater than the annual budgets of large regions.

The fortune accumulated by Russian billionaires is nearly equivalent to one-third of Russia's gross domestic product and is larger than the gold and currency reserves of the Central Bank, which are estimated to be worth $609.5 billion CAD.

According to "Forbes," in 2024, Russia gained 21 billionaires, and their total number is greater than ever before.

The wealthiest Russian on the American magazine's list is the founder of Lukoil, Vagit Alekperov. Last year, the value of dividends from his shares exceeded $2 billion CAD, and his net worth is estimated at $28.6 billion CAD. The same amount is held by Alexei Mordashov, the head of the Severstal conglomerate, who is sanctioned by the USA, European Union, and the United Kingdom.

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 would seize their assets.

While some wealthy individuals continue to seek ways to keep family funds in the West, others have moved them to so-called friendly countries, such as the United Arab Emirates, or return to Russia, especially if their assets are concentrated there. Most of the billionaires who were sanctioned, however, decided to transfer their assets to Russia, reported Bloomberg.