Russian Businessmen Increase Wealth by Tens of Billions in 2023

Russian Businessmen See Vast Increase in Wealth in 2023

Russian businesspeople saw a noticeable rebound in their wealth in 2023 after experiencing a significant decrease in 2022. The decline in 2022 was largely attributed to sanctions against the country and its businesspeople following the war in Ukraine. However, in 2023, the total net worth of the 25 Russian billionaires in the Bloomberg Billionaires Index increased by $50 billion to an astonishing $328.53 billion as of January 2.

Vladimir Potanin, the owner of mining giant Norilsk Nickel, continued to hold the title of Russia’s richest person, having increased his wealth by $2.49 billion compared to the previous year, reaching $31.1 billion. In second place is Leonid Mikhelson, co-owner of Novatek, the country’s second-largest natural gas producer, who increased his wealth by $2.83 billion, bringing his capital to $27.5 billion.

Other prominent names on the list include Vagit Alekperov, the former boss of Russian energy giant Lukoil; Vladimir Lisin, chairman of Russia’s largest steel producer NLMK; and Alisher Usmanov, who owns 49 percent of USM, an investment group that controls Russia’s largest iron ore producer Metalloinvest and the MegaFon mobile operator.

Notably, the fortune of only one of the 25 Russian billionaires on the list decreased in 2023: The net worth of Vyacheslav Kantor, the major shareholder of Russian fertilizer producer Acron, decreased by $149 million compared to last year, falling to $6.21 billion.

Overall, Russian businesspeople experienced a remarkable turnaround in their fortunes in 2023, marking a significant shift from the previous year.

 

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