Russian billionaires saw their collective wealth rise by 11 per cent to a record $696.5 billion (€595.31 billion) over the past year, according to Forbes Russia.
That came even as the country continues its war in Ukraine and faces extensive Western sanctions.
The increase comes despite some of the toughest sanctions ever imposed on a major economy.
Published yesterday, Forbes attributes the gains largely to high commodity prices boosted by global trade disruptions, with most Russian billionaires’ fortunes tied to natural resources such as metals, oil and gas that Russia continues to export.
Alexei Mordashov, head of Severgroup and the main shareholder in steelmaker Severstal, tops the list with $37 billion (€31.6 billion). His wealth rose by $8.4 billion (€7.18 billion), an increase of nearly 30 per cent compared with the previous year.
Vladimir Potanin, president of Norilsk Nickel, the world’s largest producer of refined nickel and palladium, ranks second with $29.7 billion (€25.4 billion).
Vagit Alekperov, former head of energy giant Lukoil, is third with $29.5 billion (€25.21 billion).
Leonid Mikhelson, CEO of gas producer Novatek, and his family rank fourth with $28.3 billion (€24.2 billion).
A record 155 Russians appear on Forbes’ 2026 World’s Billionaires List, up from previous years and marking the fourth consecutive year of growth in the number of Russian billionaires.
There was also a shift in Russia’s billionaire class, with several of the 14 newcomers building wealth in agriculture and food production rather than traditional heavy industry.
Forbes calculates Russian fortunes using ownership structures frozen as of February 2022 (before the full-scale invasion of Ukraine), accounting for asset transfers made to shield holdings from sanctions.
The rouble’s appreciation of around 16 per cent over the period also helped lift dollar-denominated wealth.
While Russian billionaires have rebounded strongly, their fortunes remain far smaller than those at the very top globally.
US tech mogul Elon Musk leads the worldwide list with $839 billion, followed by figures such as Google’s Larry Page on around $257 billion.
Many oligarchs continue to face personal sanctions that restrict travel and access to Western financial systems.
