Forbes record despite sanctions: Russia's billionaires in 2026

The number of Russian billionaires in the Forbes ranking has risen for the fourth time in a row. It now stands at 155 people, 9 more than last year - a record figure since the ranking began. The combined wealth of the richest Russians rose by around 70 billion dollars, 61 billion euros, to a total of 695.5 billion dollars, the equivalent of 608 billion euros. Mordashov richest Russian At the top of the Russian super-rich list is steel magnate Alexei Mordashov with 37  billion dollars, 32 billion euros, in 57th place in the world ranking. According to Forbes, his fortune grew by almost10 billion dollars last year. In 2022, the year of the escalation in the Ukraine conflict, his fortune had shrunk to 13 billion dollars. This currently puts Mordashov 10 places behind the German logistics entrepreneur Klaus-Michael Kühne (47th place with a fortune of 41.9 billion) and around 30 billion dollars behind the richest German, Lidl founder Dieter Schwarz (29th place with a fortune of 67.2 billion). Forbes noted that the appreciation of the rouble by around 16% last year had helped to increase the wealth of Russian billionaires. Since 2022, when the number of billionaires fell from 123 to 88, the number of Russian billionaires on the Forbes list has grown steadily: to 110 in 2023, 125 in 2024 and 146 last year.  Mordashov's fortune climbed by 8.4 billion dollars within a year, fueled by rising gold prices and rising share prices of the retail chain Lenta - which took over the business of the former German DIY chain Obi in January. Vladimir Potanin, a major shareholder in Norilsk Nickel, is the second richest Russian in 79th place with 29.7 billion dollars. Lukoil founder Vagit Alekperov, who topped the list for the last two years, falls back to third place with 29.5 billion and is ranked 81st in the global Forbes ranking. The top 100 also includes Leonid Michelson (Novatek, 88th place, 28.3 billion) and Suleiman Kerimov (99th place, 25.7 billion). In terms of the total number of billionaires, Russia ranks fifth in the world, behind Germany (212 billionaires), India (229), China (610) and the USA (989). "It has never been easier to be a billionaire," comments Forbes on the new ranking, pointing out that the 3428 billionaires in the world have increased their collective wealth by 20% to more than 4 trillion. dollars. Agricultural billionaires: A new class is emerging The composition of Russia's super-rich is shifting noticeably. Traditional fortunes from energy and raw materials, which have long formed the foundation of Russian wealth, are sharing space with a growing class of "agrarian billionaires" who are benefiting from Russia's increasing food self-sufficiency and export expansion to Asian, African and Middle Eastern markets. The best known of the agricultural billionaires is Alexander Tkachev, former Minister of Agriculture and Governor of the Krasnodar region, and now majority shareholder of Agrokomplex.  The wealthiest newcomer in this year's ranking is Ruslan Rakhimkulov with 1.9 billion dollars, whose investment holding Kafijat made the list following a sharp rise in the share price of the Hungarian OTP Bank - together with his brother, he holds around 10% of the shares  One of the losers of the year was Pavel Durov: the Telegram founder lost 61% of his fortune: from 17.1, approx. 15 billion euros, to 6.6 billion dollars, the equivalent of 5.8 billion euros, which Forbes attributes to a "significant deterioration in market conditions", including growing restrictions for Telegram in Russia, one of the app's most important markets.  Sanctions, foundations and the question of succession On March 12, the American news portal Bloomberg wrote of an accelerated relocation of Russian assets back to Russia, with the establishment of legal structures to safeguard succession. The number of newly established private foundations, instruments similar to Anglo-Saxon trusts that manage assets for beneficiaries, rose by more than 200% last year and now stands at over 600, according to the Moscow law firm FTL Advisers.  The reason, Bloomberg analysts write, is structural: even Cyprus and Switzerland, traditionally favored locations, have introduced bans on the management of family trusts with Russian settlors or beneficiaries. The average age of Russian dollar billionaires is over 60 - how and where they pass on their wealth will have significant consequences for individual sectors of the economy. This article first appeared in the exclusive newsletter of the German-Russian Chamber of Commerce Abroad The post Forbes record despite sanctions: Russia's billionaires in 2026 appeared first on ostwirtschaft.de.