Russian billionaires' combined net worth up by $18.3 bn since early 2024

MOSCOW, 1st April, 2024 (WAM) -- The combined net worth of the richest Russian entrepreneurs has risen by US$18.293 billion since the beginning of 2024, Russian news agency Sputnik reported on Monday.

The founder and former beneficiary of fertiliser producer EuroChem Group, Andrey Melnichenko, has achieved the largest gain as his net worth jumped to US$24​​​.1 billion from US$5.29 billion, according to Sputnik's calculations based on data released by the Bloomberg Billionaires Index (BBI).

The index is calculated based on the value of the shares of the companies in which the billionaires have stakes. For some firms, the calculation is based on the ratio of their market capitalisation to EBITDA or share price to earnings per share. The index includes the 500 richest people worldwide, and currently 25 of them are Russian citizens. Their combined net worth is estimated at US$344.37 billion as of 1st April.

Vladimir Potanin, the chief executive and main shareholder of the Nornickel metallurgical company, remains in the top spot, with his wealth increasing by US$768 million to US$31.8 billion. He is followed by Vladimir Lisin, a major shareholder in Russia's NLMK steel company, with a gain of US$2.91 billion, which brought his total wealth to US$26.9 billion.

Leonid Mikhelson, the co-owner of Russia's second-largest natural gas producer, Novatek, whose worth declined by US$747 million to US$26.7 billion, took third place. The co-owner of the Lukoil oil company, Vagit Alekperov, came in fourth with a US$1.79 billion increase to US$26.4 billion.

Alexei Mordashov, the co-owner of Russia's largest steel and mining company Severstal, took fifth place with US$24.6 billion, up US$3.75 billion, followed by Melnichenko.