Finance
Russian Billionaires Boost Wealth by 11% Over a Year Despite War and Sanctions, Forbes Says
Published by Global Banking & Finance Review®
Posted on April 23, 2026
2 min readLast updated: April 23, 2026
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Russian billionaires grew their combined wealth to a record $696.5 billion over the past year—an 11% increase—despite war and Western sanctions, driven by commodity exports and a stronger ruble, Forbes Russia reports.
Russian Billionaires Boost Wealth 11% Despite War and Sanctions, Says Forbes
Forbes Reports Record Wealth Among Russia's Richest
MOSCOW, April 23 (Reuters) - Russian billionaires increased their wealth by 11% to a record $696.5 billion over the past year despite the war in Ukraine and the toughest Western sanctions ever imposed on a major economy, Forbes Russia reported.
Commodity Exports and Wealth Growth
Russia's richest men are all linked to the vast reserves of natural resources that Russia has exported to global markets for decades - and their wealth has risen as disruptions to trade flows have boosted commodity prices - although Forbes noted that there were no new names at the top of the list.
Top Russian Billionaires in 2024
Forbes ranked Alexei Mordashov, general director of investment firm Severgroup, as Russia's richest billionaire, with a fortune of $37 billion that was up $8.4 billion from last year's ranking.
Vladimir Potanin, chief of Interros and metals producer Nornickel, with a fortune of $29.7 billion, was ranked by Forbes as the second richest in Russia.
Vagit Alekperov, former chief of Lukoil, was ranked third with a fortune of $29.5 billion, and Leonid Mikhelson, CEO of Novatek, and his family were ranked fourth with a fortune of $28.3 billion, Forbes said.
Comparison with Global Billionaires
Once considered to be some of the richest men on the planet, the wealth of Russia's billionaires, many of whom made vast fortunes in the chaos that followed the Soviet Union's collapse, is now far smaller than the top U.S. technology titans.
Elon Musk leads the global Forbes rich list with a fortune of $839 billion. Google's Larry Page is ranked second with a fortune of $257 billion.
Reporting Credits
(Reporting by Reuters; Editing by Guy Faulconbridge and Tom Hogue)
Key Takeaways
- •Combined wealth of 155 Russian billionaires hit a record $696.5 billion, up 11% year‑on‑year amid the war and sanctions (Forbes Russia) (tass.com)
- •Strong commodity prices and a roughly 16% strengthening of the ruble buoyed billionaire fortunes, aiding in the increase (Forbes Russia) (tass.com)
- •Russia’s richest remains Alexei Mordashov (~$37 billion), followed by Vladimir Potanin (~$29.7 billion), Vagit Alekperov (~$29.5 billion) and Leonid Mikhelson (~$28.3 billion) (tass.com)
- •Globally, tech magnates lead the wealth rankings: Elon Musk tops the list with ~$839 billion, more than three times the net worth of second‑ranked Larry Page (~$257 billion) (Forbes) (forbes.com)
References
Frequently Asked Questions about Russian billionaires boost wealth by 11% over a year despite war and sanctions, Forbes says
1How much did Russian billionaires' wealth increase in the past year?
Russian billionaires' wealth increased by 11% to a record $696.5 billion over the past year, according to Forbes Russia.
2Who is the richest Russian billionaire according to Forbes?
The richest Russian billionaire is Alexei Mordashov, with a fortune of $37 billion.
3How have Western sanctions affected Russian billionaires?
Despite tough Western sanctions, Russian billionaires' wealth has continued to rise, mainly due to higher commodity prices.
4Which industries are Russia’s richest billionaires linked to?
Russia's richest billionaires are largely linked to natural resources, including metals and energy exports.
5How does the wealth of Russia's billionaires compare to global tech leaders?
Russian billionaires' wealth is far smaller than top U.S. tech leaders like Elon Musk and Larry Page.
