According to Bloomberg’s Billionaires Index, Russia‘s richest people have increased their wealth by more than $20 billion in the last year, despite widespread international sanctions that followed the 2022 invasion of Ukraine. Vladimir Potanin, the CEO of the massive metals company Norilsk Nickel, is the richest person in Russia, with a net worth of $30.6 billion, making him the number one on the list.
Potanin is among the sanctioned tycoons who have reported significant gains, raising doubts about the effectiveness and implementation of Western sanctions intended to weaken the Kremlin’s war chest. The financial rise of Russia’s elite seems to have been unaffected by the sanctions, despite the fact that they froze assets and targeted important sectors.
Who are Russia’s richest billionaires?
Russia’s wealthiest individuals, as tracked by the Bloomberg Billionaires Index, have recorded the following gains in their net worth over the 12 months leading up to August 4:
Pavel Durov — $3.27 billion
Alisher Usmanov — $3.23 billion
Viktor Vekselberg — $3.12 billion
Suleiman Kerimov — $2.75 billion
Vladimir Potanin — $2.74 billion
Alexey Mordashov — $1.89 billion
Victor Rashnikov — $1.57 billion
Leonid Mikhelson — $1.38 billion
Andrey Guryev — $1.30 billion
Leonid Fedun — $1.25 billion
Vagit Alekperov — $939 million
Roman Abramovich — $939 million
Gennady Timchenko — $835 million
Mikhail Prokhorov — $528 million
German Khan — $507 million
Alexander Abramov — $292 million
Andrey Melnichenko — $148 million
Who is Vladimir Potanin?
One of Russia’s richest oligarchs, Vladimir Potanin is best known for his substantial holdings in the mining and metals sector, especially through Norilsk Nickel, the biggest producer of nickel and palladium in the world. After graduating from the Moscow State Institute of International Relations, he began his career in Soviet foreign trade before rising to prominence as a businessman during Russia’s post-Soviet transition.
He was born in Moscow on January 3, 1961. During Russia’s contentious loans-for-shares scheme in the 1990s, Potanin amassed a substantial fortune. Through his holding company Interros, he owns more than 37% of Norilsk Nickel and receives sizable dividends every year. In addition to metals, he owns shares in Yandex and has investments in technology and banking. He also possesses opulent possessions like large yachts and private aircraft.
His business empire is still sizable in spite of the sanctions imposed by the US, UK, and Ukraine. He has also pledged to donate a large portion of his wealth by signing The Giving Pledge. Although Potanin keeps his personal life private, he is well-known for having a large family, including seven children, and for receiving a lot of media attention because of his divorce.