Forbes Russia has reported that Russia's wealthiest people have seen their fortunes increase by $152 billion over the past year, with the total wealth of Russian billionaires reaching $505 billion. The country now has 110 billionaires, up 22 from the previous year's list. This increase is largely attributed to high prices for natural resources, with oil and metals being sold to global markets, particularly China, India and the Middle East.
However, the total wealth of Russia's billionaires in 2021 was $606 billion, before the Ukraine war began and the West imposed sanctions on Russia's economy. President Vladimir Putin claimed that the West was trying to destroy Russia, but the IMF forecasted a 2.1% shrink in the economy due to these sanctions. Despite this, many Russian billionaires see the sanctions as a clumsy, even racist, tool.
Andrei Melnichenko, who made his fortune in fertilizers, was ranked as Russia's richest man, with an estimated worth of $25.2 billion. Vladimir Potanin, president and biggest shareholder of Nornickel, the world's largest producer of palladium and refined nickel, came second on the list with a fortune of $23.7 billion, followed by Vladimir Lisin, who controls steelmaker NLMK, with a fortune of $22.1 billion.
The Forbes list also included new names, such as billionaires who made their fortune in snacks, supermarkets, chemicals, building and pharmaceuticals. This suggests that Russian domestic demand has remained strong despite the sanctions.
