The number of Russian dollar billionaires has returned to its pre-war level, and the wealthiest among them are mainly those under sanctions
During the war, the number of dollar billionaires in Russia has not decreased – it has actually increased. The total wealth of Russia's super-rich decreased in the first year of the war and sanctions, but by the end of 2024, it almost recovered. Meanwhile, Russia ranks first among the world’s largest economies in terms of oligarchisation, i.e., the ratio of the total assets of dollar billionaires to the country’s GDP (27%). India follows Russia, and only then the United States.
An important factor in the dynamics of the billionaire population has been the migration linked to the war and sanctions. About 10% of billionaires from 2021 renounced their Russian citizenship and ceased to be Russian. At the same time, a significant number of those who had previously adhered to the 'dual chair' strategy were forced to close their businesses in the West and return to Russia.
The restructuring of the Russian economy due to the war and sanctions led to 2024 being the most successful year in terms of the number of new billionaires – 19 people. Such a replenishment was last observed in 2011.
Only 45% of Russian billionaires are under Western sanctions. Paradoxically, those under sanctions, on average, showed better results than those who are not. 40% of them increased their wealth, another 40% decreased it but remained dollar billionaires. Only 20% dropped out of the list. In contrast, among those who have not yet been sanctioned, 60% ceased to be billionaires. Only 20% managed to increase their wealth.
There are four key factors that have made Russia's super-rich even wealthier in the past three years. The first is the acquisition of foreign assets. The second is the production of import-substituting goods and services. The third is the rise in prices for certain raw materials. Finally, another factor has been the growth in domestic demand.
However, most of these sources of wealth growth for billionaires have largely been exhausted by now. At the same time, their businesses now appear to be less diversified both in terms of markets and sources of investment. It is highly likely that for many of them, the 2024 performance will be their last.
Panorama of billionaires: the level of oligarchisation, sanctions and dynamics factors
During the war with Ukraine, the number of dollar billionaires in Russia has not decreased: the number of super-rich Russians, whose wealth equals or exceeds $1 billion, has remained virtually unchanged. In 2021, according to Forbes calculations, there were 123 of them, and in 2024, there are 125. In general, among the large economies of the world, Russia is the most oligarchic country. As shown by the Re: Russia calculation of the ratio of the total assets of the country's billionaires to its GDP, based on data from the Forbes' global list of billionaires as of the beginning of 2025, the wealth of Russian billionaires is equivalent to 27% of Russia’s GDP. Following Russia, almost at the same level, is India, and only then — the United States (24%). In most developed Western countries, this ratio is in the range of 12-18%. In Brazil, China, and Mexico, it is around 8%. The list is closed by the United Kingdom, Japan, and South Korea (4-7%).
Ratio of billionaires' total assets to the country's GDP in the 16 largest economies of the world, %
The total wealth of Russian dollar billionaires decreased by 5.62%, from $607.2 billion to $573.1 billion. This is a small decrease considering that the ruble has depreciated by about a quarter compared to 2021. At the same time, the composition of the Forbes ranking and the order of its participants underwent significant changes. While in 2021 no new names appeared in the list, and in 2022 there were only two, in 2023 – eight, and in 2024 – nineteen. This is the highest number of new dollar billionaires Russia has produced since 2011, note the ranking’s authors.
Surprisingly, the wealthiest Russian businessmen under sanctions from the US, EU, or the UK showed the best results in the war conditions, according to research by the London School of Economics researchers Simeon Dyankov and Anastasia Golovchenko. Of the billionaires listed in 2021, only 55 of them (45%) were under sanctions. Among them, 22 increased their wealth, another 22 decreased it (40%), and 11 dropped out of the Forbes billionaire list (20%). In contrast, among those who were not yet sanctioned, 60% ceased to be billionaires, and only 20% managed to increase their wealth.
Overall, among the Russians Forbes recognised as dollar billionaires in December 2021, one in three increased their capital, 25% became poorer, and 40% gave way to new ranking members. Djankov and Golovchenko identify four key factors that have contributed to the increasing wealth of the rich and super-rich in the last three years. The first factor is the acquisition of foreign assets. The second is the production of import-substituting goods and services. The third is the rise in prices for certain raw materials. Finally, the fourth factor is the growth of domestic demand.
Migration of billionaires and capital
The number of Russian billionaires has increased, even though several former ranking participants renounced their Russian citizenship following Russia’s invasion of Ukraine. Re: Russia found information in open sources about ten such businessmen. Among them are: Igor Makarov, founder of Itera (which has been owned by Rosneft since 2013); Timur Turlov, founder of Freedom Finance; venture investor Yuri Milner; Nikolai Storonsky, founder of the financial service Revolut; former owner of Troika Dialog Ruben Vardanyan; Oleg Tinkov, founder of Tinkoff Bank; Vasily Anisimov, former partner of Alisher Usmanov; and the founders of American IT companies Veeam Software and Object First, Andrey Baranov and Ratmir Timashev, as well as Arkady Volozh, founder of Yandex. This list is likely not complete. For example, venture investor Leonid Boguslavsky now appears as a Canadian representative, not Russian, in the global Forbes ranking. It is unknown whether he has renounced his Russian passport.
Of the dozen billionaires who renounced their Russian citizenship after the war began, only three were actually conducting business in Russia: Arkady Volozh, Oleg Tinkov, and Timur Turlov. Meanwhile, some billionaires who were living abroad at the start of the war and were hit by sanctions decided to return to Russia. For instance, Mikhail Fridman, German Khan, and Alexey Kuzmichev, co-owners of Alfa-Group, made this decision.
Several Russian billionaires who decided to relocate and transfer their assets to Russia told Bloomberg, on condition of anonymity, that the threat of asset confiscation in the West scares them more than a similar scenario at home. Many are concerned about the possibility of passing on their assets as an inheritance: the average age of Russian dollar billionaires in the Bloomberg Billionaire Index is 63 years.
However, the real motivations are likely somewhat different. Large Russian businessmen differ in terms of where their main businesses (sources of income) and capital are located. In recent decades, while earning money in Russia, most of them preferred to securitise their assets, keeping a significant or larger portion of their capital in the West. Putin's full-scale invasion has disrupted this default ‘dual chair’ model. Those who had successfully invested capital in the West and created profit centres there rushed, after the start of the war (quietly), to exit Russian assets and renounce their Russian citizenship. Those for whom the West predominantly played the role of a 'safe' for capital storage, while the business remained in Russia, tended, if they were not ready to part with their sources of income, to move their capital to places where it would be inaccessible to Western sanctions.
War beneficiaries
Among the billionaires whose wealth significantly increased as a result of acquiring assets previously owned by foreigners are, for example, Vadim Kharytonin, founder of Pharmstandard ($6.9 billion, 24th place in 2024), who bought Russian assets from Henkel. He first appeared in the Forbes ranking in 2022. The richest newcomer of 2024, Ivan Tavrin, whose wealth is now estimated at $2.4 billion (60th place), became the owner of the services Avito and hh.ru. Businessmen Boris Zingarevich ($2.1 billion, 62nd place) and Zakhar Smushkin ($2.1 billion, 64th place) doubled their wealth by buying out the 50% share of their American partner, International Paper, in one of the largest manufacturers of pulp, cardboard, and paper – the Ilim Group. The former president of Kabardino-Balkaria, and now a senator from the republic, Arsen Kanokov ($1.2 billion, 106th place), acquired Russian assets of Starbucks, OBI, and McDonald’s, which increased his wealth by 60%.
The group of beneficiaries from import substitution includes Kharytonin as well as his business partner, Yegor Kulkov. In 2022, the latter first appeared in the Forbes ranking at 43rd place, with a fortune estimated at $2 billion. In 2024, he moved up to 33rd place, increasing his wealth to $4.2 billion. Another example is Eduard Netylko ($1 billion, 122nd place), whose company Pulse became the largest pharmaceutical distributor.
Among representatives from the agricultural sector, Djankov and Golovchenko highlight Alexander Lutsenko ($2.5 billion, 57th place). In 2024, he returned to the ranking, registering the Russian and Belarusian assets of his group, Sodruzhestvo, in Russia. Previously, they were listed under a Luxembourg company. Igor Khudokormov, owner of the Prodimeks group ($1.7 billion, 81st place), first appeared in the ranking, becoming the largest producer and trader of sugar. Pavel Demidov from the Dominion group, who manages sugar factories, grain storage facilities, and dairy enterprises in seven regions, also made his debut in the ranking, occupying 115th place with a fortune of $1.1 billion. Vadim Moshkovich, Chairman of the Board of Directors of RusAgro ($2.7 billion, 50th place), almost doubled his wealth compared to 2021.
Several businessmen involved in transport infrastructure were also able to increase their wealth. Subsidies provided by the government for purchasing airplanes from leasing allowed S7 owner Vladislav Filev ($1.9 billion, 73rd place) to enter the Forbes ranking for the first time. Roman Trotsenko, the owner of regional airports, moved up from 63rd to 53rd place ($2.8 billion) – his business expanded through aircraft servicing. In particular, Trotsenko's company Aeon signed an agreement with Rostec to build maintenance bases for Sukhoi Superjets. Dmitry Kamenshchik, owner of the company managing Domodedovo Airport, moved up from 77th to 62nd place ($2.2 billion). Mikhail Litvak entered the billionaire list for the first time, ranking 102nd with a fortune of $1.3 billion, thanks to his company OTEKO, which manages oil and petroleum terminals in the Taman port and received large state contracts.
Among tech entrepreneurs, the founder of Kaspersky Lab, Eugene Kaspersky, significantly benefited from the departure of Western companies, moving up from 101st to 70th place ($2 billion). His wealth almost doubled compared to 2021. Denis Frolov, owner of Astra Linux, a company developing open-source operating systems, first appeared in the ranking in 2024 with a fortune of $1 billion.
The rising prices of exchange-traded commodities significantly benefited fertilizer producers. Andrey Melnichenko ('EuroChem'), despite Western sanctions, was ranked 7th in 2024 ($21.1 billion), the same as in 2021, and became the richest businessman in Russia in 2023. Vyacheslav Kantor ('Acron') moved up from 33rd to 15th place, more than doubling the value of his assets to $9.8 billion. Co-owners of 'PhosAgro' Andrey Guryev ($9.3 billion, 17th place) and his business partner, rector of the Saint Petersburg Mining University Vladimir Litvinenko ($3 billion, 42nd place), also became twice as wealthy. Dmitry Mazepin ('Uralkhim') moved up from 150th to 59th place, tripling his wealth to $2.4 billion. Additionally, fertilizer producers have profited from supplying chemical products to defense industry enterprises. According to a Reuters investigation, the companies of five Russian dollar billionaires, including Melnichenko and Mazepin, as well as Roman Abramovich, Vagit Alekperov, and Iskander Makhmudov, supply about 75% of chemicals used in explosives production.
High oil and gas prices allowed the wealth of mining company owners to grow. The richest man in Russia as of 2024, owner of Lukoil Vagit Alekperov, increased his wealth by $3.7 billion, reaching $28.6 billion compared to 2021. Leonid Mikhelson, chairman of Novatek, moved up to second place, becoming $2.5 billion richer – his wealth in 2024 was estimated at $27.4 billion. Shareholder of Novatek, Sibur, Stroytransgaz, and Transoil, Gennady Timchenko, remained in 6th place, but his wealth, according to Forbes, grew from $22 billion to $23.4 billion. The fortunes of oil tycoons Andrey Bokarev ('Ust-Luga Oil'), Mikhail Gutseriev ('Safmar'), and Nikolai Buinov ('Irkutsk Oil') grew significantly. As a result, all three entered the top 50 of the wealthiest Russian businessmen.
The consumer boom, driven by the growth of real income, increased the value of assets held by the owners of the largest retailers of food and non-food products. Igor Kesaev and Sergey Katseyev, who control the tobacco, beverage, and other goods distributor Megapolis, moved up to 29th ($5.5 billion) and 72nd ($1.9 billion) places, respectively. Sergey Studennikov, owner of the Red & White retail chain, moved up from 78th to 44th place ($3.2 billion). The Fartushnyak brothers and their partner Alexander Mikhalsky entered the ranking at 77th ($1.8 billion), 82nd ($1.5 billion), and 100th ($1.3 billion) places, respectively, thanks to their retail empire, which includes Sportmaster, O'stin, and Zolla stores. In 2024, for the first time, the co-owners of the electronics store chain DNS, Dmitry Alekseev ($1.3 billion, 99th place) and Yuri Karptsov ($1.3 billion, 101st place), were recognised as dollar billionaires. 'We're doing well because incomes have increased not only in the capitals,' Alekseev told Forbes, noting that 'goods now come to Russia by miracle.' In fact, this is not a miracle, but parallel imports, which, according to media reports, are also carried out by companies associated with DNS (→ Re:Russia: The One-Sided Fence).
The fact that sanctions have had a largely beneficial effect on the fortunes of a significant number of billionaires should not be too surprising. This effect is related to the high level of oligarchisation (concentration of wealth) of business in Russia. In these conditions, the benefits of Western companies leaving, the redistribution of their assets, and state investments in the military and infrastructure sectors have largely been appropriated by big business. At the same time, such sources of capital growth are now mostly exhausted, while the business of Russian billionaires who have parted with their Western subsidiaries has become less diversified in terms of available markets and sources of investment. It is highly likely that for many of them, the benefits of 2024 will be the last.