Over the past year, Russia’s richest people have increased their fortunes by $72 billion and their combined fortunes have risen to $577 billion, led by Vagit Alekperov, the former head of the Lukoil oil company, Forbes magazine announced on Tuesday.

Ex-head of Lukoil Vagit Alekperov with Russian President Vladimir PutinPhoto: Oleksiy Nikolsky / AP / Profimedia

In 2021, before the invasion of Ukraine, Forbes estimated that the combined wealth of the richest people in Russia amounted to 606 billion dollars, writes Reuters, citing Agerpres. High commodity prices over the past two years and the growth of Russia’s war-focused economy have softened the impact of Western sanctions and boosted the fortunes of Russian billionaires. Many of them are under sanctions, and their combined wealth has fallen to $353 billion in 2022.

According to Forbes, Alekperov’s fortune last year rose to $28.6 billion from $20.5 billion. He took over the top spot in Russia from Andriy Melnychenko, now in seventh place, who made his fortune in the fertilizer business and whose fortune last year fell to $21.1 billion from $25.2 billion.

In second place is Leonid Mikhelson, head of the Novatek company. His fortune rose by $5.8 billion last year to $27.4 billion.

According to Forbes, the world now has more billionaires than ever. There are a total of 2,781 billionaires, and those in the top 20 are responsible for the largest increase in wealth. Alekperov ranks 59th in the world ranking.

“They are richer than ever, with a net worth of $14.2 trillion, an increase of $2 trillion from 2023,” Forbes reports.

Russia’s economy grew by 3.6% last year, faster than any G7 country that has imposed sanctions. The International Monetary Fund expects Russia’s GDP to grow by 2.6% this year, but warns that the development will be affected by the lack of workers and lack of technology.

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