Billionaires with over US$100bn leave Russia

A total of 24 businessmen who were previously considered Russian are now listed as representatives of other countries in the new Forbes world ranking. Their combined wealth reaches US$110 billion.

Source: The Moscow Times

Details: Thus, Alfa Group co-founder Alexei Kuzmichev (US$7.5 billion) is now listed as a Frenchman, former Alfa Bank president Petr Aven (US$4.7 billion) has become a Latvian billionaire, and Inteko founder Yelena Baturina (US$1.3 billion) is listed as a British entrepreneur.

Most of the "former" Russian billionaires now live in Switzerland: among them are Mikhail Prokhorov (US$10.7 billion), Yegor Kulkov (US$4.1 billion), and Vladimir and Nikolai Fartushnyaki. Other changes include: Andrey Melnichenko (US$17.4 billion) now represents the UAE, Alisher Usmanov (US$16.7 billion) – Uzbekistan, and Dmitry Rybolovlev (US$6.4 billion) – Monaco.

This trend has intensified since the start of the full-scale invasion of Ukraine. Due to sanctions, a Russian passport has become an obstacle to doing business in the West. At least six billionaires, including Revolut co-founder Nikolai Storonsky and Freedom owner Timur Turlov, have officially renounced their Russian citizenship.

Background: The total wealth of Russian billionaires reached a record US$625.5 billion, exceeding the previous record of US$606.2 billion recorded in 2021, before the start of the full-scale invasion of Ukraine.

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