22 More Russians Enter Forbes Billionaires List Amid Ukraine War; Wealth Totals $505 Billion

The number of the wealthiest Russians has increased over the past year despite the ongoing Russian invasion of Ukraine.

According to Forbes, 22 Russians have been added to the list of the country's billionaires, who are now at 110.

Forbes noted that the number of ultra-rich Russians could have been larger in 2023 had five billionaires not renounced their Russian citizenship due to the impact of the war in Ukraine.

The combined wealth of Russian billionaires has also jumped from $353 billion to $505 billion, with an average increase per billionaire amounting to $600 million.

Forbes noted the increase in the fortunes of Russian billionaires was because last year's list was compiled amid the market panic caused by the war in Ukraine, the collapse of the Russian currency and dire predictions about the country's economy.

Andrey Melnichenko, the founder of fertilizer producer EuroChem Group and coal energy company SUEK, was hailed as Russia's wealthiest individual this year with $25.2 billion.

Melnichenko's rise was linked to the skyrocketing fertilizer prices caused by the Ukraine war and EuroChem's market value growth.

Vladimir Potanin, the president of Interros Holding and MMC Norilsk Nickel, came in second place with this year's net worth of $23.7 billion. Potanin's wealth fell to $9.7 billion last year amid the Russian invasion of Ukraine.

Meanwhile, 48 Russian billionaires on Forbes' list are currently sanctioned by the U.S., the U.K. and the E.U., of which 37 were slapped with economic restrictions due to the war in Ukraine.

Alexey Mordashov, a Russian steel magnate with a 34% stake in Germany-based travel firm TUI Group, saw his fortunes fall due to sanctions imposed by Ukraine's allies.

Once hailed as Russia's wealthiest individual in 2021, Mordashov fell to third place in 2022 and is now in fifth place this year with $20.9 billion.

The E.U. sanctioned Mordashov, claiming that the Russian oligarch benefitted from his links with Kremlin.

However, Mordashov insisted that he had no involvement with Russian politics and called the conflict in Ukraine a "tragedy for two fraternal nations."

In June 2022, Mordashov filed a lawsuit with the E.U. General Court to seek the removal of sanctions imposed against him.

Roman Abramovich, widely known as the former owner of London-based Chelsea Football Club, is currently ranked 16th in Forbes' Russian billionaires list with $9.2 billion.

Abramovich, the principal owner of Millhouse investment company, was sanctioned by the U.K., Canada, Australia, New Zealand and the E.U. for his alleged ties with Russian President Vladimir Putin.

The U.S., however, had already sanctioned Abramovich in 2017, when former President Donald Trump signed Countering America's Adversaries Through Sanctions Act (CAATSA).

Dmitry Pumpyansky, currently ranked the 70th wealthiest Russian with $1.6 billion, was also slapped with sanctions.

Pumpyansky owned a 236-foot Axioma yacht worth $42 million. But it was confiscated and detained in Gibraltar in March last year. The yacht went on auction in August.