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Russia’s 20 richest billionaires lose $10 billion this week

December 17, 2014, 18:55 UTC+3 MOSCOW
The total assets of Russia’s 20 richest billionaires account for $174 billion
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© ITAR-TASS/Alexandr Ryumin

MOSCOW, December 17 /TASS/. Russia’s 20 richest billionaires have lost about $10 billion since the start of this week which has been tumultuous for the Russian financial markets, according to Bloomberg Billionaires Index, an exclusive daily wealth ranking assessing the dynamics biggest personal fortunes.

Since 2014, the aggregate losses of Russia’s 20 richest tycoons have reached $64 billion. Their total assets account for $174 billion.

According to Bloomberg, the market assets of Novatech’s co-owners, Gennady Timchenko and Leonid Mikhelson, have depreciated by $7.8 billion and $8.7 billion, respectively, since the start of 2014.

The fortune of USM Holdings’ founder, Alisher Usmanov, has dwindled by $6.8 billion. Usmanov lost the top place in the Bloomberg’s ratings of Russian billionaires to Viktor Vekselberg, one of Renova’s co-founders, whose total losses are estimated at $1.2 billion. Vekselberg’s fortune is valued at $13.6 billion which exceeds Usmanov’s wealth by $239 billion.

Vladimir Lisin, the major owner of the Novolipetsk metallurgical plant, has lost $7.5 billion in 2014. AFK Sistema’s co-owner, Vladimir Yevtushenkov, has lost 90% of his wealth or $9 billion against the background of a high-profile investigation into illegal privatization of the Bashkir fuel and energy sector.

Bloomberg puts the losses of SMP-Bank’s co-owner, Arkady Rotenberg, at $2.3 billion.

Oleg Deripaska, a UC Rusal co-owner, is the only one among the top 20 Russian billionaires who has managed to increase his fortune in 2014. The price of shares of Deripaska’s export-oriented aluminum concern has gone up by 100% while Deripaska’s personal wealth has increased by $855.5 million.

Bloomberg Billionaires Index assesses entrepreneurs’ personal fortunes proceeding from market quotations of their assets and macroeconomic conditions.

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