July 29, 2021

Russia’s 10 Biggest Fortunes Crisis-Tested

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Photo credit: Getty Images

Russia’s 10 biggest fortunes are still sewn up in gold, yet they have lost $ 27 billion from last year after a difficult period for the country.

The coronavirus pandemic, the oil war with Saudi Arabia and the weakness of the ruble are not allowing Russia to start this new decade under the best auspices. The greatest fortunes have grown poorer, even though they still represent $ 152 billion. The personalities are the same, but the ranking has been turned upside down: Vladimir Potanin is now the richest man in the country, with $ 19.7 billion thanks to his shares in the Russian company Nornickel (last year , he was in sixth position).

Much of the ranking reflects the 51% of billionaires around the world who have seen their fortunes drop this year, as they have all lost at least $ 1 billion since last year. Leonid Mekhelson tumbled from first place last year to third, as shares in his natural gas production company Novatek fell 50% in a year. For his part, steel tycoon Vladimir Lisin lost $ 3.2 billion due to the 30% decline in shares of his company Novolipetsk Steel in February.

Below is the ranking of the 10 largest fortunes in Russia: Net fortunes are calculated using stock prices and exchange rates as of March 18, 2020.

Vladimir Potanine

Net worth: $ 19.7 billion

Sector: metals

Returning to the top of the rankings, Vladimir Potanin is believed to be behind the controversial “share loans” program, which allowed Russian citizens with high-level contacts to take control of state-owned enterprises during the wave of privatization. 1990s. Today, most of his wealth is invested in a 35% stake in the Nornickel company.

Vladimir Lissine

Net worth: $ 18.1 billion

Sector: steel, transport

Having started his career as an electrician in a Siberian coal mine, Vladimir Lissin went on to become a steelmaker, before working for a group of traders who would eventually lead Russia’s aluminum and steel exports. . After the group was dismantled in 2000, it obtained a majority stake in the Russian company Novolipetsk Steel.

Leonid Mikhelson

Net worth: $ 17.1 billion

Sector: gas, chemicals

Leonid Mikhelson owes his fortune to his stakes in the natural gas production company Novatek and in the petrochemical company Sibur. For these two activities, he is associated with Gennady Timchenko, who is said to be close to Vladimir Poutine. He is said to have made deals with Putin’s alleged former son-in-law, Kirill Shamalov, who is also a billionaire.

Alexeï Mordashov & his family

Net worth: $ 16.8 billion

Sector: steel, investments

Alexei Mordashov was born to two parents who worked in a steel plant in the USSR and today has assets in the travel company TUI Group and in the equipment producer Power Machines.

Vaguit Alekperov

Net worth: $ 15.2 billion

Sector: petroleum

A former worker at the Caspian Sea oil rigs, Vaguit Alekperov later became Minister responsible for overseeing the oil industry in the Soviet Union. In 1991, he acquired three large state-controlled oil fields and created Lukoil, which is today Russia’s largest independent oil company. He owns almost a quarter of the publicly traded company.

Gennady Timchenko

Net worth: $ 14.4 billion

Sector: oil, gas

Gennady Timchenko’s fortune comes from his holdings in the companies Novatek (natural gas production) and Sibur Holding (petrochemicals). He is said to have close ties with Russian President Vladimir Putin.

Alisher Ousmanov

Net worth: $ 13.4 billion

Sector: steel, telecommunications, investments

Alisher Ousmanov derives his wealth from his stake in iron ore and steel giant Metalloinvest, as well as his investments in Facebook, Xiaomi and other telecommunications, mining and media companies.

Mikhail Fridman

Net worth: $ 13 billion

Sector: petroleum, banking management, telecommunications

Mikhail Fridman controls the investment companies Alfa Group and LetterOne. He co-founded the Alfa group with his college friends and fellow billionaires German Khan and Alexey Kuzmichev.

Andreï Melnitchenko

Net worth: $ 12.5 billion

Sector: coal, fertilizer

Andreï Melnitchenko holds majority stakes in the fertilizer producer Eurochem and in the coal energy company SUEK. His first business was a chain of money changers, which he founded in the 1990s.

Roman Abramovitch

Net worth: $ 11.3 billion

Sector: steel, investments

Roman Abramovich’s fortune comes from his stakes in steel giant Evraz and in nickel and palladium producer Nornickel. It owns the second largest yacht in the world and the Chelsea FC football team. Last March he offered to accommodate London’s medical staff at his Stamford Bridge Millennium Hotel, which is a stone’s throw from Westminster Hospital.

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