Russian billionaires' wealth surpasses the nation's savings
The Moscow Times portal reported on Wednesday that 146 Russian billionaires possess more wealth than the savings accumulated by all other residents of the country. This conclusion was drawn using data from Forbes magazine's annual billionaire list.
By the end of 2024, the net worth of the richest Russians reached a record £495 billion. The wealthiest individuals increased their assets by £38.6 billion (approximately 4.1 trillion roubles) in 2024. This amount is comparable to Moscow's annual budget and 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 Central Bank's gold and currency reserves, estimated at £482 billion.
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 Vagit Alekperov, the founder of Lukoil. Last year, the value of dividends from his shares exceeded £1.6 billion, and his net worth is estimated at £22.1 billion. Alexei Mordashov, head of the Severstal conglomerate and sanctioned by the USA, European Union, and United Kingdom, holds the same amount.
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 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 returned to Russia, mainly if their assets are concentrated there. However, Bloomberg reported that most of the sanctioned billionaires decided to transfer their assets to Russia.
