Russian billionaires have amassed an extra $145 billion so far in 2021 — a 30% jump in their net worth — as the country’s ultra-rich continue to benefit from the global economic recovery, according to Forbes.
Russia’s billionaires have a combined wealth of $630 billion, the magazine estimated. The cohort’s jump in 2021 was the third largest, behind only American and Indian billionaires.
The biggest climber has been Tatyana Bakalchuk, Russia’s richest woman and founder of the country’s top online retail outlet Wildberries. Bakalchuk is worth an estimated $13 billion according to Forbes.
Oil, gas and banking oligarchs have also seen their net worth surge this year thanks to a strong recovery in commodity prices and booming global stock markets.
But surging wealth for the country’s billionaires comes as ordinary Russians continue to face economic hardships. Living standards have fallen by around 10% since 2013 and households are facing new pressure from high inflation which eats into their spending power.
On a host of metrics, Russia ranks as one of the world’s most unequal countries. A report earlier this year found the country’s 500 richest men and women controlled more wealth than 99.8% of the population.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
