Money
Who Are the Russian Oligarchs?
Who are the Russian Oligarchs?
Russia’s richest individuals have lost more than $38 billion in 2022 because of Western sanctions on Russia in reprisal for the invasion of Ukraine.
Together, the top 10 Russian oligarchs have a net worth of $186 billion, equivalent to the market cap of large publicly-traded companies like McDonald’s and AMD.
But who are the Russian ultra-rich? In today’s graphic, we use data from Bloomberg’s Billionaires Index to show Russia’s richest individuals… and how much they’ve lost due to the war so far.
Metals, Art, Luxury, and Sports
The richest person in Russia, Vladimir Potanin, has a 35% stake in Moscow-listed Nornickel.
The company is the world’s biggest producer of palladium, a metal used in vehicle catalytic converters, and also the world’s largest producer of nickel, an essential metal for EV batteries and renewable energy.
| Rank | Name | Net worth USD | $ YTD change* | Bloomberg List |
|---|---|---|---|---|
| #1 | Vladimir Potanin | $25.9B | -$5.00B | 53 |
| #2 | Leonid Mikhelson | $22.6B | -$9.87B | 66 |
| #3 | Alexey Mordashov | $22.5B | -$6.32B | 67 |
| #4 | Vladimir Lisin | $21.6B | -$6.44B | 69 |
| #5 | Alisher Usmanov | $19.0B | -$2.25B | 89 |
| #6 | Andrey Melnichenko | $17.8B | +$0.35B | 99 |
| #7 | Viktor Vekselberg | $16.7B | -$1.79B | 107 |
| #8 | Roman Abramovich | $14.1B | -$3.90B | 132 |
| #9 | Mikhail Prokhorov | $13.8B | -$0.23B | 138 |
| #10 | Suleiman Kerimov | $11.8B | -$3.37B | 177 |
| Total | $185.8B | -$38.8B |
*Based on Bloomberg Billionaires Index, as of March 24, 2022
Former First Deputy Prime Minister of Russia and a close associate to President Vladimir Putin, Potanin is a major benefactor of the arts. He recently stepped down from the board of the Guggenheim Museum, after 20 years as a trustee.
Arts and luxury are common among the Russian oligarchs.
The Russian ultra-rich are also among the biggest owners of private jets and superyachts—some of which are getting snagged by law enforcement as part of the sanctions designed to crack down on Russia.
The fifth-richest man in Russia, Alisher Usmanov, owns Dilbar, the largest motor yacht in the world by gross tonnage. The boat is 512-feet long and reportedly cost $800 million, employing 84 full-time crew members.
Named after Usmanov’s mother, the yacht was seized by German authorities who later discovered that it’s really owned by a Malta-based firm and registered in the Cayman Islands.
Besides art and luxury, the Russian oligarchs are also deeply involved with sports.
Roman Abramovich, once Russia’s richest man, is the departing owner of Chelsea Football Club, a London-based soccer team. He was sanctioned by the UK while trying to sell the club for $3.9B.
Besides Abramovich, Mikhail Prokhorov—founder of Onexim Group, a Moscow-based company with interests in banking, insurance, and real estate—owned the Brooklyn Nets basketball team and its home arena from 2009 to 2019.
The list also includes Vladimir Lisin, chairman of the steel group NLMK. A shooting sports enthusiast, he is the president of the European Shooting Confederation.
Fading Fortunes? Not so Fast
This is not the first time Russian oligarchs have faced tough economic sanctions. Since the Russian annexation of Crimea in 2014, 20 Russian billionaires have been sanctioned by the EU, U.S., U.K., Switzerland, or Canada.
Most of them have real estate ownership in relatives’ names or have assets registered in tax havens like the British Virgin Islands or the Isle of Man.
For example, upon being hit by sanctions, steel baron Alexey Mordashov transferred his majority stake in gold miner Nordgold to his wife, Marina.
Despite the crash of the ruble and the tanking of the Moscow stock market, Russian oligarchs are still able to shield their money and assets in creative ways.
War
Animated: Change in Russian Billionaires’ Wealth Since 2022
How have Russian billionaires fared since Russia’s invasion of Ukraine? This animation tracks the wealth of 22 Russian billionaires.
Creator Program
Animated: Change in Russian Billionaires’ Wealth Since 2022
When Russia invaded Ukraine in February 2022, many countries retaliated with sanctions targeting Russian billionaires—the oligarchs—and politicians directly.
And as the war has progressed, those sanctions have intensified, with even the relatives and shell companies of these billionaires being targeted over time. The reason? These oligarchs are interconnected to Russia’s government, lending vocal and fiscal support in exchange for sweetheart deals or beneficial government oversight.
This animation from James Eagle shows how the estimated net wealth of the 22 wealthiest Russian billionaires on the Bloomberg Billionaires Index in April 2023 has changed since January 2022, prior to the start of the conflict.
Net Wealth of Top Russian Billionaires
The 22 wealthiest Russian billionaires in April 20, 2023 lost a collective $90.4 billion in net worth since January 5, 2022.
| Rank | Name | Main Industry | Net Wealth (Apr 20, 2023) | Net Wealth (Jan 5, 2022) | % Change |
|---|---|---|---|---|---|
| 1 | Vladimir Potanin | Commodities | $29.6B | $31.1B | -4.8% |
| 2 | Leonid Mikhelson | Energy | $27.2B | $33.2B | -18.1% |
| 3 | Vladimir Lisin | Industrial | $21.5B | $28.0B | -23.2% |
| 4 | Vagit Alekperov | Energy | $19.1B | $22.8B | -16.2% |
| 5 | Alisher Usmanov | Diversified | $19.1B | $21.2B | -9.9% |
| 6 | Alexey Mordashov | Industrial | $18.1B | $29.1B | -37.8% |
| 7 | Mikhail Prokhorov | Diversified | $14.3B | $14.0B | 2.1% |
| 8 | Gennady Timchenko | Diversified | $13.2B | $23.1B | -42.9% |
| 9 | Andrey Melnichenko | Industrial | $12.3B | $17.8B | -30.9% |
| 10 | Mikhail Fridman | Diversified | $12.0B | $14.1B | -14.9% |
| 11 | Dmitry Rybolovlev | Diversified | $10.8B | $11.2B | -3.6% |
| 12 | Andrey Guryev | Industrial | $10.1B | $8.0B | 26.3% |
| 13 | Victor Rashnikov | Industrial | $9.1B | $14.4B | -36.8% |
| 14 | Suleiman Kerimov | Commodities | $8.9B | $15.2B | -41.4% |
| 15 | German Khan | Diversified | $8.1B | $9.6B | -15.6% |
| 16 | Roman Abramovich | Diversified | $7.7B | $18.2B | -57.7% |
| 17 | Viktor Vekselberg | Industrial | $7.3B | $18.6B | -60.8% |
| 18 | Leonid Fedun | Energy | $7.0B | $8.9B | -21.3% |
| 19 | Alexander Abramov | Industrial | $6.8B | $9.1B | -25.3% |
| 20 | Vyacheslav Kantor | Industrial | $6.4B | $9.1B | -29.7% |
| 21 | Petr Aven | Diversified | $5.8B | $6.6B | -12.1% |
| 22 | Alexey Kuzmichev | Diversified | $5.8B | $7.3B | -20.5% |
The heaviest hit include Viktor Vekselberg, who holds a stake in UC Rusal, the world’s third largest aluminum producer. Since the start of the war, he’s lost an estimated $11.3 billion or 61% of his net worth from January 2022.
Roman Abramovich, who got his start in the early oligarchy through oil conglomerates, was also hit hard by the sanctions. He lost $10.5 billion or 58% of his net worth from January 2022, and was forced to sell Chelsea Football Club in one of the biggest sports team sales in history.
Notably, the richest oligarchs haven’t lost as much. Mining giant Norilsk Nickel’s largest shareholder, Vladimir Potanin, saw his net worth only drop by 4.8%. After being hit hard at the onset of the war in Ukraine, he quickly rebounded and at many times had an even higher net worth, reaching $35.6 billion in June 2022.
And a few oligarchs, like former Norilsk Nickel CEO Mikhail Prokhorov and phosphate-based fertilizer baron Andrey Guryev, saw their wealth increase since January 2022. Guryev grew his net worth by $2 billion or 26%, while Prokhorov (who formerly owned the NBA’s Brooklyn Nets) saw his net worth even out at a gain of $0.3 billion or 2%.
Oligarch Support of Russia (or Lack Thereof)
As Russia’s war with Ukraine has dragged on, and sanctions have continued to weigh on Russian billionaires, politicians, and companies, their effects have been uncertain.
Oligarchs have lost net worth, relinquished foreign businesses, and even had prized possessions like mansions and yachts seized. At the same time, though Russia’s economy has weakened under sanctions, bolstered trade with countries like China, India, and Saudi Arabia have kept it stronger than expected.
And though some oligarchs have voiced various concerns over the ongoing war, the wealthiest have been careful to toe the line. Russian billionaires and politicians that did vocalize criticism, including Lukoil chairman Ravil Maganov, have been found dead in apparent suicides, heart attacks, and accidents.
The most serious oligarch rebellion wasn’t due to economic hardships, but military operations. Oligarch and mercenary leader Yevgeny Prigozhin launched an attempted coup in June 2023, reportedly retreating after support from within Russia’s military quickly fizzled.
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