Russian oligarchs' wealth is almost back up to pre-war levels
The net worth of Russia's wealthiest businessmen is gradually recovering to the level of 2021. Their wealth was mainly regained due to the war.
Source: Ekonomichna Pravda
Details: Ekonomichna Pravda reports that the war has caused a surge in global prices for grain, fertilisers, metals and energy, making Russian companies richer. Andrey Melnichenko, for example, the wealthiest man in Russia and owner of the fertiliser producer EuroChem Group and coal producer SUEK (Siberian Coal Energy Company), doubled his wealth in 2022, from US$11 billion to US$25 billion, setting a personal record.
Another aspect helping the Russian oligarchs was the withdrawal of Western corporations, leaving the market open for Russian companies. This increased their revenues and added some Western assets to their portfolio.
Vladimir Potanin acquired the French-owned Rosbank, while Ivan Tyrishkin bought the Czech bank Home Credit. Oligarchs Leonid Mikhelson and Gennadiy Timchenko's Novatek acquired stakes in major Russian oil and gas projects from Shell and Total.
In total, after plummeting in 2022, the value of Russian billionaires' assets increased from US$353 billion to US$505 billion.
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