Sunday, 22nd November 2009

 

20 February 2008 - David Bain

Russian billionaires multiply

Commodity price inflation is behind much of the growth in wealth.

Russia is fast becoming the home of the billionaire with their number rising by 40 last year for a total of 101, Russian Finans magazine said in its annual survey of the country's wealthy.

Number one on the list was the 40-year-old Oleg Deripaska, who almost doubled his net fortune to $40bn in the last year. Deripaska beat his former business partner Roman Abramovich to the top position. Finans said Abramovich increased his fortune by 9.5% to $24bn last year.

Russia now has more billionaires than any other country apart from the US and is likely to surpass it in the next few years given its incredible growth rates in the former Soviet Union state.

A Forbes survey in 2002 put the number of billionaires in the country at just seven.

The top two are followed by OAO Novolipetsk Steel's Vladimir Lisin, Alfa Group's Mikhail Fridman and OAO Severstal's Alexei Mordashov, all of whom boast estimated assets of between $22.1bn and $22.2bn.

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