Russias richest lose $6.6 bn from Ukraine tension: Wealth-X

Written by FE Online | New Delhi | Updated: Mar 14 2014, 22:28pm hrs
Russias 10 richest individuals lost as much as US$6.6 million, or 4.7% of their combined net worth, according to a Wealth X estimate, after the countrys benchmark Micex index plunged nearly 11% last week due to escalating tensions between Russia and Ukraine.

Alisher Usmanov the countrys wealthiest man with interests in mining, telecommunications, media, and sports, including a more than 30 per cent stake in Arsenal F.C. Football Club lost US$1.7 billion after a week of market turmoil, shrinking his personal fortune from US$20 billion to US$18.3 billion.

The Uzbek-born Russian oligarch reportedly invested US$97 million to build communications infrastructure, a sports complex, and a standby technical centre for the recently concluded winter Olympics in the Russian resort town of Sochi.

Among the billionaires who appear in Wealth-Xs list of the top 10 richest Russians, Vladimir Potanin the president of Interros, one of Russia's largest private investment companies lost the largest chunk of his fortune in the past week. Potanins net worth was reduced to US$10.4 billion after he lost about US$2 billion.

Below are the top 5 wealthiest Russians and their net worth:

[Net Worth (US$ billion)/ Net Worth Change Since March 7, 2014 (US$ billion)]

1. Alisher Usmanov, 18.3/1.7

2. Viktor Vekselberg, 17.2/0.0

3. Mikhail Fridman, 15.2/0.8

4. Gennady Timchenko, 15.1/0.4

5. Andrey Melnichenko, 13.5/0.0