Russian Billionaires have lost $44B of their wealth in the last 1 year

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StockApps.com has analyzed the top 500 wealthiest people globally. It concludes that the 18 Russian billionaires who featured in the list are $44.445billion poorer in YTD figures. They have a combined net worth of $244.87B, down from the $289.315 they held a year ago.

Edith Reads StockApps.com’s finance expert attributes those losses to several factors. Commenting on the data, she said, “The Russian oligarchs’ woes are due to several factors. Firstly, Russia’s incursion into Ukraine has attracted sanctions both on the nation and Vladimir Putin’s close associates. That has seen them suffer asset freezes and seizures. Again a weak ruble and biting inflation have further conspired to erode their holdings.”

Who has suffered the most loss?

Immediate former Chelsea FC owner Roman Abramovic suffered the most loss. He lost $5.43B from his previous $18 B holdings, a 30% drop. Mr. Abramovic had to sell off his club following the British government sanctions.

Another that took a big hit was Gennady Timchenko. Russia’s eighth richest man lost $5.76B, representing a 26% drop from the $22.46B he held before. Mr. Timchenko is the founder and owner of the Volga Group, a private investment group.

Laughing all the way to the bank

It hasn’t been all gloom and doom for all the Russian billionaires, though. Eight of them grew their net worths by 118% despite the hostile operating environment. The eight increased their combined wealth by $15.32B to $98.84B.

Russia’s richest man Vladimir Potanin recorded the most gains of the lot. He added $5.81B to the $30.69B he held a year ago. Potanin made his fortune first in the metals industry. He has expanded his wealth by buying Russian banks at a discount.

Others that made significant gains were Vyacheslav Kantor and Andrey Guryev, who added $4.83B and $3.01B to their wealth.

Read the entire story here.

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