Wealthy Russians have lost about $67 billion of their collective wealth, a year after the start of the Russo-Ukrainian war, and no resolution to the conflict.
According to Arabiya.net, the net worth of 23 Russian billionaires, who were ranked among the 500 richest people in the world, amounted to $339 billion on February 23, 2022, the day before the start of the war.
The biggest loser was Alexei Mordashov, the main owner of Severstal PJSC, one of Russia's largest steelmakers. His wealth has declined by $6.7 billion since the Russian invasion of Ukraine. His fortune is estimated at $19.8 billion, and he remains the fourth richest person in the country.
While the second largest decline in wealth among Russian billionaires was the share of another tycoon in the steel industry, Vladimir Lisin, head of Novolipetsk Steel PJSC, who lost $5.8 billion over the past year, bringing his wealth down to $20.5 billion.
By contrast, Andrei Guryev's fortune has risen by about $2.1 billion since the war began thanks to a rise in share prices of PhosAgro PJSC, one of Europe's largest phosphate fertilizer manufacturers.
However, Russia's rich analysis suggests that the many rounds of sporadic sanctions from the US, UK and EU have had limited impact in the long run.
The collective net worth of Russian billionaires reached its lowest point just weeks after the war, falling $92 billion to $248 billion on March 9, 2022.
Falling fortunes
Of course, the sanctions hit other weaknesses. Billionaire Roman Abramovich had to put his prized London properties up for sale, including Chelsea Football Club. While Michael Friedman said he was in a state of shock after his lawyer told him that the penalties meant a travel ban and freezing of accounts. Billionaire Victor Vekselberg's 78-metre luxury yacht Tango, valued at $90 million, was also confiscated in Spain at the request of the United States in April.
More recently, US authorities have been looking to track down works of art that were bought or sold by wealthy Russian businessmen. Bloomberg reported earlier this month that Abramovich, Vexelberg and Andrey Melnichenko were among those named in subpoenas from New York federal prosecutors demanding high-end auction houses turn over records from several years ago.
