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Minted Gift Card - The West and its allies are imposing more economic sanctions on Russia over its invasion of Ukraine - but the country will still have 22 new billionaires in 2022, according to Forbes' annual list of billionaires published last week. There are currently 105 billionaires on the Forbes World's Billionaires list for the year to March 2023. While this number is up from 83 billionaires in March 2022, the number of billionaires in the country has actually decreased from 117 in March 2021, according to Forbes.
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At that time, they collectively managed about $580 billion. This year, the 105 billionaires collectively control about $474 billion, up from $154 billion the previous year. However, the Russian edition of Forbes published on Friday that there are 110 billionaires with a combined fortune of $505 billion.
Among these local publications are Russian billionaires such as Pavel Durov, founder of Telegram, as well as brothers Dmitry and Igor Bukhman, who founded Playrix, an online gaming company. The American edition of Forbes lists Durov as a citizen of the United Arab Emirates, while Bukhman is listed as a citizen of Israel.
Russia's richest man is now Andrey Melnichenko, whose family fortune rose from $11.1 billion to $25.2 billion last year as his main fertilizer and coal businesses were supported by commodity prices. Russia is a huge commodity house, so even billionaires hit by Western sanctions thrive.
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For example, the steel tycoon Alexey Mordashov was sanctioned by the US, EU and UK, but his wealth increased from $13.2 billion in March 2022 to $20.9 billion in March 2023. The authorized mining figure Andrei Skoch and his family were also seen one more time.
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Their net worth increased from $4.7 billion to $7.9 billion during the same period. Viktor Winkler, a sanctions lawyer, told Forbes that many Russian billionaires successfully responded and set their own game plan to respond to sanctions that came long after the war began. As a result, "their assets have been well protected," Winkler said.
But not everyone is so lucky - Petr Aven, a Russian businessman sanctioned by the United Kingdom and the European Union, saw his fortune drop from $5.3 billion in March 2021 to $4.3 billion in March 2022. He experienced yet another success. This year it was last at $4.2 billion.
The rise in the wealth of Russian billionaires last year was in contrast to the performance of American and Chinese billionaires over the same period, amid a massive market rally amid fears of a recession. In the United States, 735 billionaires saw $200 billion wiped from their net worth between March 2022 and 2023, according to Forbes.
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In China, 735 billionaires saw their wealth decline by $300 billion over the same period, according to Forbes. To find a variety of independently made designs to complement your home, check out our selection of featured items! The company is on a mission to showcase the art and design of independent artists across America.
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