Ukraine Conflict Takes US$1.8 Billion Toll On the Fortunes Of Three Of Russia's Richest
LONDON, Aug. 21, 2014 /PRNewswire/ -- The ongoing conflict in Ukraine has taken its toll on the fortunes of Russia's wealthiest, with three of the country's richest tycoons losing a combined US$1.8 billion, or nearly 5% of their collective net worth, according to a Wealth-X list released today.
The biggest loser on the list is Russian business magnate Gennady Timchenko – owner of the private investment firm Volga Group and a prominent public figure – who has seen an 8% drop in his wealth since tensions in Ukraine escalated in mid-March 2014. Timchenko lost US$1 billion between March and mid-August and currently has a personal net worth of US$12.2 billion.
German Khan, 52, lost 4%, or half a billion dollars, of his personal wealth over the same period.
Wealth-X estimates that Khan – who, along with Mikhail Fridman and Alexei Kuzmichev, controls the Alfa Group, the biggest financial and industrial investment group in Russia – currently has a net worth of US$11.3 billion.
Viktor Vekselberg, maintains his number 2 spot on the list, despite a 2% dip in his personal fortune. The 57-year-old Ukrainian-born Russian tycoon is the owner and president of Renova Group, a large Russian conglomerate.
Despite the ongoing Ukraine conflict and a series of economic sanctions imposed by the US and EU on Russian businesses and individuals, Russia's 10 richest tycoons collectively have made a net gain of US$3 billion since March.
Below are the top five wealthiest billionaires in Russia:
| Current Ranking |
Previous Ranking |
Name |
Current Net Worth* |
Net Worth in March 2014* |
Net Worth Change* |
Percentage Change |
| 1 |
1 |
Alisher Usmanov |
18.3 |
18.3 |
0 |
0% |
| 2 |
2 |
Viktor Vekselberg |
14.9 |
15.2 |
- 0.3 |
- 2% |
| 3 |
3 |
Mikhail Fridman |
14.4 |
14.4 |
- 0 |
0% |
| 4 |
8 |
Leonid Mikhelson |
14.4 |
12.7 |
1.7 |
13% |
| 5 |
6 |
Vladimir Potanin |
14.3 |
13.1 |
1.2 |
9% |
* In US$ billion. The numbers have been adjusted from the previous list to reflect changes in stock performance
For the full list, http://www.wealthx.com/wp-content/uploads/2014/08/Russia_Ukraine-Top-Ten.pdf
About Wealth-X
Wealth-X is the definitive source of intelligence on the ultra wealthy with the world's largest collection of curated research on ultra high net worth (UHNW) individuals, defined as those with net assets of US$30 million and above. Headquartered in Singapore, it has 13 offices on five continents. (www.wealthx.com)
SOURCE Wealth-X
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