collective wealth

Russia’s richest people saw their fortunes increase by billion over the past year, reaching a collective wealth of 7 billion. Vagit Alekperov, former president of Lukoil, is now the wealthiest person in Russia. The total wealth of Russian billionaires had been estimated at 6 billion before the Ukraine invasion in 2021. Despite Western sanctions, which caused their total wealth to drop to 3 billion in 2022, high commodity prices and war-focused economic growth have helped in the recovery. Alekperov’s fortune rose to .6 billion, securing his top spot in Russia. Leonid Mikhelson from Novatek is in second place, with a wealth of .4 billion. Putin has praised the resilience of the Russian economy against Western sanctions, emphasizing the country’s GDP growth of 3.6% last year. However, the economy’s heavy reliance on state-funded military production for the war in Ukraine poses challenges for improving living standards in Russia. The IMF predicts a GDP growth of 2.6% for Russia this year, but foresees difficulties due to population outflows and technology shortages. Russian business people have benefited from the Western corporate exodus, with many companies selling assets cheaply or having their operations seized.