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Russia’s richest lose $6.6 bn from Ukraine tension: Wealth-X

Mar 14 2014, 16:58 IST
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SummaryAlisher Usmanov, Russia's wealthiest man with interests in mining, telecommunications, media, and sports, including a more than 30% stake in Arsenal F.C., lost US$1.7 billion.

Russia’s 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 country’s benchmark Micex index plunged nearly 11% last week due to escalating tensions between Russia and Ukraine.

Alisher Usmanov – the country’s 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-X’s 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. Potanin’s 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

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