Russian billionaires' wealth increased by 11% in the past year

According to Forbes Russia, the total wealth of Russian billionaires rose by 11% to reach $696.5 billion over the last year, despite ongoing Western sanctions and the war in Ukraine. The growth is primarily attributed to rising commodity prices resulting from disrupted trade flows. Alexey Mordashov of Seergroup is ranked as the wealthiest individual with $37 billion, reflecting a $8.4 billion increase. Vladimir Potanin of Interros and Nornickel follows with $29.7 billion, while Vagit Alekperov of Lukoil holds third place with $29.5 billion. Leonid Mikhelson of Novatek ranks fourth with a reported $28.3 billion. Although these figures represent a significant accumulation of capital, the report notes that Russian billionaires' fortunes remain lower than those of leading American technology figures, such as Elon Musk and Larry Page. No new names were reported at the top of the list, confirming the continued dominance of established commodity-linked fortunes.